NewsletterCardano Price Hold Above Key Support Sets the Next Recovery Leap to $1
Highlights
- The ADA price is up 6% today, providing a suitable follow to the recent cup and handle pattern breakout.
- Traditional Pivot level shows the rising ADA price will face overhead supply at $8.5 and $1.
- The intraday trading volume in the ADA coin is $963 Million, indicating a 34% gain
Cardano price: Earlier this week, the crypto market witnessed a sudden sell-off which plunged the Bitcoin price from a new all-time high of $69000. The overhead supply spread to altcoin including Cardano which recorded over 10% fall on March 5th. However, the daily chart also projected long-tail rejection which indicates the buyers are defending their new support. The accumulation at the market dip is a key signal of sustainable recovery.
Also Read: Cardano’s Charles Hoskinson Reacts To ADA & Solana Price Comparison
Cardano Price Holds Strong Above the $0.68 support
ADA, the native cryptocurrency of the Cardano ecosystem has witnessed steady growth for the past five weeks with a price jump from $0.447 to $0.79. This 78% upswing backed by an occasional pullback and increasing volume reflects the ADA price is witnessing sustainable growth.
An analysis of the daily chart showcases this rally as the development of a bullish reversal pattern called cup and handle breakout with neckline breakout from March 1st. This breakout signals a buyer’s escape from the long accumulation phase and the emergence of a new rally.
Despite the recent market sell-off, the ADA price showed sustainably above the breached neckline at $0.68. In the last two days, altcoin has surged 8% to trade at $0.75 currently. Under the influence of this pattern, the buyers will drive the Cardano price to a theoretical target of $1.146, registering 51% potential growth.
On a contrary note, a breakdown below $0.68 will indicate the weakening of bullish momentum and may spark a new correction trend.
Also Read: Cardano Price Analysis: How To Navigate ADA’s Roadmap To $1 In March
Technical Indicator:
- Bollinger Band: An upward arch in the Bollinger Band indicator highlights that buyers continue to dominate this asset.
- Moving Average Convergence Divergence: A bullish crossover state between the MACD(blue) and signal lines higher the recovery trend remains intact.
- Uniswap Launches UNIfication to Overhaul Governance Model: Report
- Vivek Ramaswamy’s Strive Acquires $162M in Bitcoin, Surpasses Galaxy Digital in BTC Holdings
- Bitcoin News: BTC Exchange Reserves Fall as Tether Mints $1B USDT
- Breaking: U.S. Treasury And IRS Issue New Guidance For Crypto ETFs To Stake Digital Assets
- Fed’s Stephen Miran Says a 50 bps December Rate Cut Is ‘Appropriate’
- HBAR Price Prediction: Analyst Eyes 90% Surge Amid Taker Buy Dominance
- Expert Predicts 200% Shiba Inu Price Surge as Open Interest, Burn Rate Spikes
- Solana Price Eyes $200 This Week as Spot ETFs Lead $137M Inflows
- Pi Network: What’s Keeping Pi Coin Price $0.30 Below?
- What to Expect from Dogecoin, Shiba Inu, Bitfrac and Cardano Prices Now?
- After a 7% Pump, Will FUNToken Continue to Keep the Momentum?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
24 Hours volume
$848.78M
Market Cap
$22.8B
Max Supply
45B
Premium Partners
