in

ADA/USD Faces Resistance at $1.32 After Mary Hardfork

Cryptopolitan


  • ADA/USD is currently trading at $1.12 against the US Dollar, the bulls are persistent to bring the coin back on track. And any time, the market should anticipate hitting $2. 
  • Before news of the Mary hard fork, Cardano’s price had been trending between the $1.24 and $1.34 price range.
  • An upward correction was rejected by a resistance barrier between $1.08 and $1.26.  Traders ought to be aware of this price range since a slight plunge, might encourage further declines. 

ADA/USD Price Prediction: General Price Overview

Cardano (ADA) is bouncing back from a 30% drop from an all-time high, it had set February 27.  The coin kicked off March with strong momentum and a few signs of a full recovery. 

ADA is currently trading at $1.12 against the US Dollar, the bulls are persistent to bring the coin back on track. And any time, the market should anticipate hitting $2. 

Cardano (ADA) opened the daily chart at $1.12. Consolidated a slight percentage gain of 0.11%, and finally attained a high of $1.20. So far, the daily low stands at $1.11.  The digital asset has been playing nearly within the same price range after shedding over 25%, following the “Mary Hard Fork.”

 In fact, the hardfork saw the digital asset drop from position 3 to position four on the top ten leading cryptocurrencies. Cardano got replaced by Tether (USDT); but if the target of $2 is anything to go by, ADA is going to regain its glory by Mid-March. 

The bears are waging a strong pullback against the coin and mounting lots of selling pressure. Cardano dropped over 10.14% between yesterday and today. It turns out the drop is signaling bearish weaknesses after the coin’s gradual upswing in February. Also, the bearish patterns could be heels after ADA‘s remarkable attainment of an all-time high, early last week. 

Before news of the last hard fork, Cardano’s price had been trending between the $1.24 and $1.34 price range. The announcement turned out to pull the price downwards towards $1.2. A pullback could result in further drops below the $1.01 support base. 

ADA/USD Price Movement in the Past 24-Hours

(Source: TradingView)

The 12-hour chart has a TD sequential Indicator which suggests Cardano (ADA) might show a bullish turning point in the short term. This is also an indication of a “buy signal” despite a prevailing selling pressure across altcoin markets. During press time, the ADA/USD price is $1.12. The coin has shed 7.07% in the daily chart. The bulls should remain intact around the current support to sustain an upward momentum or prevent further declines.  The bulls are supposed to defend the $1.01 support level and back the coin against the two key resistance levels of $1.26 and $1.32. 

ADA/USD  4- Hour Chart

ADA/USD Price Prediction: Cardano Faces Resistance at $1.32 After Mary Hardfork 1
  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr

(Source: TradingView)

It’s worth mentioning the TD sequential indicator is present on the 4-hour chart.  Hence the possibility of more demand; which will drive the price of ADA higher.  There is a declining channel on the 4-hour chart at which Cardano (ADA) has a percentage change of 0.44.  The price fell from $1.14 to $1.12.   A position where the coin seems to be stuck for the past few hours.  An upward correction was rejected by a resistance barrier between $1.08 and $1.26.  Traders ought to be aware of this price range since a slight plunge, might encourage further declines. 

ADA/USD Price Prediction

The bulls have most of their hopes on a few support levels in the event of a downswing.  One such support is around the 0.382 Fibonacci retracement level of the upward price correction of $0.43 to $1.48 (the $1.08 support).  The chances of the bears breaking below this support are lower. In the event of a decline, ADA has another support along the 20-day Exponential Moving Average (EMA) of $1.06. 

The market anticipates the bulls will maintain the price of ADA/USD above the 0.618 Fibonacci retracement level at $0.83 and the 0.5 Fibonacci retracement level at $0.965. 

Conclusion

What is your take on the price direction of Cardano (ADA)? Will the coin break above the $1.32 resistance level? 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



Source link

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Loading…

0

What do you think?

Kraken CEO Drops Mind-Blowing Bitcoin Prediction: When Can BTC Hit $1 Million? | CryptoGazette

Kraken CEO Drops Mind-Blowing Bitcoin Prediction: When Can BTC Hit $1 Million? | CryptoGazette

Ripple Community Pushes For Recognition Of XRP As A Currency Amid Catastrophic SEC Lawsuit

Ripple Wants SEC to Treat XRP the Same Way With Bitcoin and Ethereum ⋆ ZyCrypto