Cardano sits on strong price support; Can it outclass the growth of top coins?
Watching from the mid-term point of view, neither bulls nor bears can be seen as dominant at this time.
New Delhi: Cardano’s price remains in a suspended state after its breakout from the bullish trend. ADA followed Bitcoin’s price dynamics as the token falls by 4.35% yesterday.
As per analysts, Cardano has formed temporary price support in the $2.10 area and if buyers can hold this level then there is a chance to see a good bounceback to the zone of the most liquidity around $2.253.
But don’t think that the bearish pressure has ended as it is still in the critical zone. As per the experts, ADA may face one minor drop to the support level of $2.063 before a rise and this assumption is also confirmed as the charts depict low selling trading volume which eventually means that bears are losing their power.
Watching from the mid-term point of view, neither bulls nor bears can be seen as dominant at this time as ADA’s price has gone into the liquidity zone where it is accumulating for the upward trend.
If the sellers manage to break the key support price at $2.063 then you can expect the price drop to lower of $1.90 soon.
ADA’s price jumped on September 21 to touch the swing high of $2.46 but this move was followed by a retracement to the demand zone which ranges from $1.99 to $2.17.
As per analysts, ADA needs to hold the barrier at $2.39. It needs to produce a 12-hour candlestick close above the price level of $2.39 if it wants to build any chance of scaling higher highs.
Investors can expect an upward trend that can slice through the 50% Fibonacci retracement level at $2.51 if it can flip $2.39 into a support level with the bullish momentum.