Cardano Price Hold Above Key Support Sets the Next Recovery Leap to $1 

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.                                        

Related Articles

✓ Share:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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.