Cardano Price Volatility Increases! ADA Price To Undergo Break Out Rally Soon?
The post Cardano Price Volatility Increases! ADA Price To Undergo Break Out Rally Soon? appeared first on Coinpedia Fintech News
The ADA price continues its struggle to break out of its resistance level of $0.5625, indicating a strong liquidation point at that level. Further, the Cardano price has lost over 5% within the past 24 hours, indicating a bearish influence in the crypto space.
The Cardano’s ADA coin price traded in a closed range between $0.5208 and $0.5426 for about a week, following which the market volatility increased, resulting in the ADA price recording a correction of approximately 10.5% in value. After this, the price traded sideways for a while, indicating a neutral trend in the market.
TradingView: ADA/USDT
The bulls constantly struggled to break their resistance level, but the bears overpowered the bulls, and the price recorded another correction of over 12% in the next two days. The ADA price then traded in a closed range between $0.4577 and $0.4756 for a while, following which the bulls regained momentum and displayed a price break out.
After this, the ADA coin price traded in a consolidated range between $0.4756 and $0.5208 for about two weeks, highlighting a weak price action for this altcoin. After testing its low of $0.4756, the bulls regained momentum and added approximately 12% to its portfolio.
The bulls recorded multiple rejections at their important resistance level of $0.5456 before successfully breaking out of it. However, the rally was short-lived as the price faced restriction at $0.5625. Since then, the price has been trading under a bearish influence.
Will ADA Reach $1?
The Relative Strength Index (RSI) records a decline in the chart, indicating a stronger selling-over-buying pressure. Moreover, the averages show a bearish curve, highlighting a bear power in the crypto market.
If the bulls regain momentum, the ADA price will test its resistance level of $0.5456 soon. Further, if the market holds the price at that level, it will prepare to test its upper resistance level of $0.5625 in the upcoming weeks.
Negatively, if the bears continue to overpower the bulls, the Cardano price will fall to test its support level of $0.5208. Moreover, if the bears dominate the market, it will plunge and prepare to test its lower support level of $0.4966 in the coming time.
Filed under: Bitcoin - @ February 12, 2024 8:13 am