It’s a good day for the cryptocurrency market, even if it has been the Bitcoin whales in action, Cardano ADA price followed the mainstream trend in the past 24-hours. ADA managed to gain the necessary support and hit new high right after the dip.
As reported by Cryptopolitan earlier, Cardano ADA price went into a reverse head and shoulder pattern to rise up to the $0.620 range. However, the overall market trend went bearish right after the ADA price rise, plunging it into another reverse head and shoulder pattern.
Cardano ADA price chart by Trading View
Emerging from the second reverse head and shoulder pattern along the Bitcoin price movement the ADA price hit a new high above the $0.6390 mark. Following the high into a brief touch of $0.64 range. At the time of writing, the Cardano ADA price stands at $0.6195.
Cardano ADA price movement: What to expect?
Cryptocurrency analyst and trader on Trading View Luca Turci is of the view that the cryptocurrency is moving in an ascending channel. Turci believes that the cryptocurrency is moving in a strong bullish stride that is bound to take it beyond the current lows and into new highs around $0.800 mark.
Cardano ADA price chart by Trading View
However, in order to reach the new highs, Cardano ADA would have to break past several resistance points. The strongest resistance point stands at the $0.65 level, followed by the $0.68 and $0.70 levels, respectively.
On the other hand, shall Cardano ADA manage to break past these strong resistance points, it can move above the $0.800 range and into the $0.900 territory with ease. Despite the apparent analysis, the movement is largely dependant on the bullish market strides, especially that of the king coin; therefore, caution is prescribed.
Featured Image by KDM
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
