Cardano Token Price Analysis: Ada Boosts 35% In A Week, Closes At $2
- ADA token price boosts more than 35% in the last week to break out of the long consolidation resistance level of $1.50.
- The coin price is trading above all major EMAs with a breakout in the weekly timeframe.
- The ADA/BTC pair is trading at 0.00003051, an intraday boost of +9.66%
Source – TradingView
ADA token price, in the weekly timeframe, made a large green candlestick with a 35% boost to break out of the consolidation period. The bullish candlesticks formed with the long tails indicate the increase in buying pressure, in the weekly timeframe. The increasing buying volume with long tails does imply that bulls are more powerful, in the larger weekly picture. Investors may think that ADA’s price is ready to move up and create higher highs, increasing the possibility of a new all-time high-level formation, in the weekly timeframe. ADA coin price today is $1.78 with a 24-hour trading volume of $5,340,710,861. The coin price is up 8.37% in the last 24 hours. The coin is ranking at #5 as per the market cap, with a live market cap of $56,748,966,154.
Bulls takeover to end the consolidation, soon to hit the $2 mark
ADA token price has been trading inside a consolidation range before the 35% boost leading to the fantastic breakout. A decent volume boost accompanied the coin price and the short-term pullback indicates that the uptrend is ready to head higher. According to the pivot points, the resistance levels are $1.95 and $2.33. On the flip side, the support level is $1.65. The break out of this resistance level might boost the price another 30-35% up after retest. Investors may find the retest of this breakout as a great entry opportunity.
As per the daily timeframe, the coin price is trading above the 50 (yellow), 100(green) and 200 (white) EMA, which indicates an uptrend, and the high breakout volume adds a point to bullish sentiment just like the upward moving slope of major EMAs.
The RSI (bullish) indicates bullish momentum while trading at 70. The RSI line has spiked and is now heading deeper into the overbought zone, the RSI can be expected to rebound soon from value 83. Till then, bulls can enjoy their ride.
The ADX indicates a fast-growing trend momentum after the recent breakout, and it is trading at 23 while the slope in ADX is moving higher.
Conclusion – ADA token price did perform a breakout but is expected to pull back for a retest. Investors may find this as a great opportunity to ride the trend after the retest completion. The superb green candle formed in the weekly timeframe also adds points for the long term bullish trend.
Support- $1.65 and $1.5
Resistance-$1.95 and $2.33