Cardano achieves Decentralization, Will it Affect Price?
Cardano is now completely decentralized to produce transaction blocks. Features like this enables ADA to be flourish as a digital currency for the masses to attract investment.
Netizens and investors of ADA celebrated the event on Twitter. The adoption of ADA for daily transactions could have a positive reaction to the price.
ADA has resorted to consolidation since it’s 5% jump on March 26. Cardano(ADA) has been on a roller-coaster ride since its ATH.
On March 26, ADA Price broke-out of the descending triangle reaching the $1.28 level. While penning this article down, ADA was consolidating at the $1.19 level, up 1.20% from the last trading session.
The chart indicates a parallel ascending pattern indicating bullish momentum. The Bulls seem to be HODLing the cryptocurrency, as they believe it could hit new highs. The volumes of trades of ADA exceeded $2.6 Billion worth of transactions in the last 24 hours.
ADA Boasts a market capitalization of $38 Billion and is ranked Fifth by CoinMarketCap among all cryptocurrencies. Fibo Retracement levels show resistance at 0.236 or $1.2212. Bullish sentiment is observed as represented by the MACD indicator.
On a 30 minute Candle Pattern, RSI(14) levels were at around 40, slightly towards the oversold to moderate zone, showing significant room for volume dominated momentum if Bulls take control.
There is a strong possibility that the price will hold above $1.16, forming a strong base and may blast to $1.5. It can also cross the $1.5 levels and finally hit $1.8 and $2 if the bulls HODL.
On the contrary, if there is an acute reversal and the price breaks down from the supports at $1.175, it could lead the currency to take support at $1.1 and $0.9. The next two trading sessions will decide the direction of the momentum of the ADA prices as the Bollinger Bands are narrowing down. But the previous higher highs will act as a resistance levels, Hence it is an important level to watch.
Support Levels: $1.175, $1.16 and $1.14
Resistance Levels: 1.2, $1.22, $1.26