ADA Price Analysis: Why Cardano (ADA) May Finally Push Above $1.5 After 2 Months [Live Chart]

By Sunil Sharma and Domenic
Published August 5, 2021 Updated August 5, 2021
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ADA Price Analysis: Why Cardano (ADA) May Finally Push Above $1.5 After 2 Months [Live Chart]

By Sunil Sharma and Domenic
Published August 5, 2021 Updated August 5, 2021
  • ADA price revived 35% off its low set a few weeks back
  • ADA Price has finally cleared mid term downtrend
  • RSI is sitting coiled awaiting a bullish break

Cardano (ADA) Price Holds 200 MA For First Time in 2 Months

Cardano price has been holding the $1.00 mark for many months now as bulls refuse to let it trade below. This has shown great strength for Cardano as it still holds over 4000% of gains since last year. Over the past few weeks the crypto market found at local bottom and ADA is up nearly 35% since. This is a decent revival but using data from other coins performance, ADA price should be soon ready for a larger pump above $1.40.

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While looking at the lowest major support zone from $0.98-$1.03, we can see how price has bounced off this zone twice. This is considered a double bottom and confirms a bottom is surely in for some time. Just over the last day Cardano price has finally cleared over its mid term trend line and has since held.

This is a great sign as price was stuck under it for nearly 2 months. Continuing to hold over this mark will likely set ADA up for a run past $1.40.

ADA Price Analysis: ADA/USDT 4 Hour Chart

TradingView Chart Snapshot

Just yesterday, ADA held the 200MA as support for the first time in over 2 months. This shows the trend shift is underway after months of downtrending. At the time of writing, price is sitting just above the minor support zone of $1.34. In the case bears take control and push ADA below this value, price will find support at its 200MA which is also met with a major support of $1.27. Anything below these two marks will likely trigger another cascade of selling.

  • RSI: While we view the relative strength index, we can see a large bullish flag has been forming. Once the strength can break over the top trend, we can expect a push to overbought territory which will likely be coupled with a price surge to the first given target.
  • MACD:The MACD is consolidating tight above the 0 value which is a good sign that bulls are getting ready for another bullish push. 

ADA Price Intraday Analysis

  • Spot rate: $1.36
  • Trend: Bullish
  • Volatility: Medium
  • Support: $1.34
  • Resistance: $1.38
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic
134 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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