Analysis: Can Cardano Rise Above $0.42 Again?

As the crypto market slowly starts to recover after last week’s dip, many coins are approaching old price levels again. ADA is also trying to reclaim one today. Let’s take a look at the charts.

Banner Cardano 1

How is ADA doing?

We start this analysis with a look at the weekly chart. Here each candle represents 7 days, giving us a comprehensive view of the price. This makes three price levels clear that influenced the price. These are shown as red zones.

Almost every time ADA reached these prices, the coin changed course. But when the coin broke through the zone, it caused further movement in that direction. Therefore, it is good to keep an eye on these levels.

ADA broke through the middle zone last week, but is recovering again this week. It seems that the coin is going to try to break above this zone again. This could have a positive effect on the price – if it succeeds.

Will ADA surpass its previous high?

To get a better picture of this, let’s also take a look at the daily chart of ADA. Here, each candle represents one day, so we can see the movements of the past few days well. As I already mentioned, a recapture of the red zone is now important for a further upward movement.

This can also be accompanied by a new high that rises above its old high (shown by the red line). This is at a price of 0.4235 dollars. If ADA does this, it gives a starting signal to start an upward trend. This – in combination with the recapture of the red zone – is very positive.

However, it is also good to highlight a negative scenario. If the coin does not pass this red line, things can also go very wrong. In that case, this will probably be a negative test that will cause a further downward movement. In the case of ADA, there is little to say with certainty, but it can be anticipated if you keep an eye on the trend, the zones, the previous high, and the movements of Cardano.

So now we just have to wait and see what the rest of the week will bring us. Bitcoin also has a lot of influence on the price movements of altcoins. So don’t lose sight of the market leader!

Related Articles

Leave a Reply

Your email address will not be published.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

Back to top button