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Price Analysis - The bullish run of Cardano (ADA)

Botsfolio

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1 Jun, 2021

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In April, ADA, like Bitcoin, set a new high. However, a month later, as Bitcoin struggled to hold on to its gains, the ADA price surpassed its previous all-time high of $1.5600. While the cryptocurrency is currently down around 48% from its ATH of $2.45 that it made on May 16, the token is still up a whopping 691% year-to-date.

A bit of Cardano (ADA) History

Developed by Ethereum co-founder Charles Hoskinson, the Cardano platform promises an advancement over the existing Alternative Coin such as Ethereum. The development and modification of this crypto-asset are supervised by the Cardano Foundation.

Using the proof-of-stake protocol has brought this cryptocurrency to the limelight and it has seen quite an up move since its initial release in 2017.

Cardano Exceeds 1M ADA Wallets

The total number of Cardano ADA wallets has already witnessed a huge surge in the year 2021, exceeding over a million. In addition the price for Cardano has been predicted to be around $40 in the long term. In an announcement made by the Cardano Foundation, the community of the proof-of-stake blockchain has seen commendable growth in the year 2021.

Cardano (ADA) Price Analysis

Cardano Price Declines

For a short duration since March 2021, the $1.5 benchmark was seen as a resistance and the investors took four attempts to break the resistance. During the brief three months, the prices were stable within the range of $1.5 to $1. The stiff resistance was finally broken on the 6th of May and we witnessed a strong up move.

The profit-booking scenario on ADA coin came much later after the majority of the crypto prices were on a decline. And this is something amazing. While $1.5 acted as a support for a short while, it couldn’t tame the profit booking greed of investors and panic selling by other investors.

Currently, the $1.5 seems like a borderline resistance which can be broken in the intraday momentum. It will be worthwhile to note the price momentum after breaking $1.5.

Will ADA continue to grow or decline?

According to the latest price analysis using technical factors, there seems to be no weakness even in the smaller and longer time frames. The $1.2 price seems supported by the buying opportunity presented near the $1 to $1.3 range. Even RSI or Relative Strength Index hovering around 50 will make the value a buying opportunity considering the strong support at $1.3.

There is a sustainable momentum in ADA price and as affirmed by the Heiken Ashi chart pattern, the green candles are close to the resistance line. Once it makes a short rally, new investors and traders will be looking for an opportunity to make an entry position in the Cardano cryptocurrency.

The possibility of an uptrend is not limited to merely $2 but can far exceed one’s expectations. One can surely invest in the ADA cryptocurrency and hold their position in the long run, but invest only what you can bear to lose.

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