Cardano Price Analysis: ADA reclaims key support level while Bullseye the target of $1.72
- ADA price on the weekly chart is trading above 0.236 Fibonacci retracement, an important level for bulls to maintain further
- Currently trading at $1.40, ADA price has witnessed a boost of 4.66% in today’s intraday session
- Cardano network has expanded its staking addresses by 8x in just three weeks
As mentioned in our last analysis, the Bear market has little or no effect on the Cardano price. For precisely this reason, ADA token has emerged as one of the top cryptocurrencies undefeated by Bitcoin’s unsatisfactory momentum.
The daily technical chart of ADA highlights the fact that the token picked up its pace after bouncing off from the critical support of $1. The restoration of that support cushion has enabled ADA bulls to take a huge hike as evidenced by the 38% rally.
This week’s upswing was accompanied by the breach of the condemning resistance of $1.40, which is also bolstered by the 100 EMA. Today’s green candlestick enabled ADA price to violate last week’s high and face confrontation by the resistance of $1.42. For ADA bulls to aim higher and attempt to tackle the upcoming resistance of $1.50, the weekly price chart demands a decisive close above the support of $1.26.
ADA price ought to rally by 78% to challenge its ATH of $2.78. While a target that high may seem far-fetched at the moment when considering the overall market sentiment, the fundamental strength of this asset shooting through the roof can potentially catalyze the price.
Today’s volume of (4.12 M) is commanding the volume of the 20 period Moving Average which lies at (2.95 M). Undoubtedly, a visit to May’s lows relocated the sufficient buying pressure to validate ADA token to tackle major resistance areas.
According to the Coinmarketcap website, Cardono token is sustaining to embrace its 5th ranking on the Global Crypto Currency Rating while establishing a Market Dominance of 3.05%.
ADA Price Chart on the 4-hour Time Frame
For a better perspective, let us dive into the 4-hour chart of ADA. So far, today’s intraday session has proven to be quite remarkable owing to the fact that the price action has broken out of the symmetrical triangle pattern. Simultaneously, overturning the falling wedge pattern into a bullish reversal pattern, ADA price has bagged an upswing of 5% in today’s session.
Presently, ADA price is attempting to get by the 0.382 FIB at $1.38. A decisive close above that particular level will be followed by ADA getting in line to catch up with the 200 EMA, which is relatively close to the golden ratio of 0.5 FIB. On the flip side, the failure of the ADA token to sustain above the $1.38 level will result in the token witnessing a minor pullback and an opportunity to catch up with the 20 and 50 EMA. The success of the 20 and the 50 EMA to transpire a bullish crossover will guarantee and upside momentum for ADA price action.
The Relative Strength Index has flattened down after entering a pre-sold territory. This suggests the possibility that the price action is on the verge of calling it a day and heading for a minor pullback. In case thecase the above statement hold accountability, the ADA price can expect the support of $1.32 to be reliable on account of it being backed by critical EMAs.
The Moving Average Convergence Divergence is gaining strength in momentum as evidenced by the accelerating histogram inside the positive territory. The fact that both MACD and signal lines are in sync with the histogram demonstrates that higher highs in the upcoming trading sessions are a huge possibility.
Cardano Blockchain has captured a new milestone by adding 50,000 new staking addresses in just 3 weeks
In addition to the price action of ADA performing well, the fundamentals of this asset too are in their run to embark on new victories. According to reliable sources, Cardano (ADA) has included more than 50,000 staking addresses in a short span of three weeks, thus constituting growth of 8% in the roughly 21 days.
The launch of the Alonzo Testnet on June 14th qualified the application of smart contracts in Cardono, along with the implementation of Defi applications. Subsequently, in less than a month Cardano managed to expand its staked value to $28.44 Billion.
SUPPORT : $1.42, $1.50, $1.72
RESISTANCE : $1.32