Cardano Price Analysis: Will ADA Ever Reach $1.00?

  • Cardano price is sideways inside the descending parallel channel on the daily price chart.
  • The crypto asset is trying to rally up to the 20 EMA and is preparing for a daily moving average of 50, 100 and 200 days.
  • The ADA/BTC pair is at 0.000023 BTC with an intraday gain of 1.10%.

Cardano price is trying to recover from the consolidation phase as it entered a consolidation phase while in the descending parallel channel. The token is trying to gain support from the bulls as it moves towards the upper trend line of the consolidation phase. ADA coin must maintain the steady momentum of the uptrend to break out of the horizontal range boundary area and then the descending channel on the daily price chart. ADA investors have been waiting for a token recovery for so long. The token is struggling to recover to $1.00 and is struggling to attract a significant number of buyers to record its breakout. However, this time the token seems determined to get out of the consolidation phase.

Cardano price is currently at $0.49 and has gained 1.76% of its market cap in the last 24 hour period. However, the trading volume has decreased by 2.32% in the intraday trading session. This shows that the ADA coin is facing short selling pressure on the daily price chart. The ratio of volume to market capitalization is 0.04839.

ADA coin price is trying to break out of the descending channel on the daily price chart. However, to break out of the channel, the token must first break out of the horizontal range area above the daily price chart. The ADA coin has been trading on a sideways momentum inside a horizontal range area and is trying to rally towards the upper trend line to record its breakout. ADA coin is currently trading with a strong uptrend momentum to move towards the upper range of the horizontal range boundary area. However, the volume change can be seen below average and needs to grow for ADA to register its breakout.[pethedescendingchanneloverthedailypricechartHowevertoescapethechannelthetokenfirstneedstoescapethehorizontalrange-boundareaoverthedailypricechartADAcoinhasbeentradingwithsidewaysmomentuminsideahorizontalrange-boundareaandistryingtosurgetowardstheuppertrendlinetoregisteritsbreakoutADAcoiniscurrentlytradingwithstronguptrendmomentumtosurgetowardstheupperrangeofthehorizontalrange-boundareaHowevervolumechangecanbeseenbelowaverageandneedstogrowforADAtoregisteritsbreakout[pethedescendingchanneloverthedailypricechartHowevertoescapethechannelthetokenfirstneedstoescapethehorizontalrange-boundareaoverthedailypricechartADAcoinhasbeentradingwithsidewaysmomentuminsideahorizontalrange-boundareaandistryingtosurgetowardstheuppertrendlinetoregisteritsbreakoutADAcoiniscurrentlytradingwithstronguptrendmomentumtosurgetowardstheupperrangeofthehorizontalrange-boundareaHowevervolumechangecanbeseenbelowaverageandneedstogrowforADAtoregisteritsbreakout

When will the ADA escape consolidation?

The ADA coin price is preparing to break out of the consolidation phase. However, ADA still needs to rack up more buyers because the volume is still low and the bears may try to interrupt the token’s uptrend momentum. Technical indicators suggest the momentum of the ADA coin uptrend. Also, the supertrend shows ADA’s bearish momentum within the descending channel on the daily chart. The Relative Strength Index forecasts the current uptrend momentum of the ADA coin. RSI is at 46 and is trying to break out of neutral into overbought territory.

MACD exhibits the bullish momentum of the ADA coin. The MACD line is ahead of the signal line after a positive crossover.

conclusion

Cardano price is trying to recover from the consolidation phase as it entered a consolidation phase while in the descending parallel channel. The token is trying to gain support from the bulls as it moves towards the upper trend line of the consolidation phase. ADA coin is currently trading with a strong uptrend momentum to move towards the upper range of the horizontal range boundary area. However, the volume change can be seen below average and needs to grow for ADA to register its breakout. Technical indicators suggest the momentum of the ADA coin uptrend. RSI is at 46 and is trying to break out of neutral into overbought territory.

Technical Levels

Support levels: $0.45 and $0.40

Resistance Levels: $0.55 and $0.66

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational ideas only and do not constitute financial, investment, or other advice. Investing or trading in crypto assets carries a risk of financial loss.

Source: https://www.thecoinrepublic.com/2022/06/25/cardano-price-analysis-will-ada-ever-reach-1-00/

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