Home CryptocurrencyAnalysis Cardano Remains Bullish Ahead Of Vasil’s Hard Fork, Can Price Go To $1?

Cardano Remains Bullish Ahead Of Vasil’s Hard Fork, Can Price Go To $1?

by SuperiorInvest

Cardano (ADA) is creating bullish sentiment against Tether (USDT) as the price of Cardano (ADA) aims to go higher with an imminent break above current resistance. The price of Bitcoin (BTC) showed great strength after closing the weekly candle at a high, with the price holding above $21,700 for the first time in weeks. This has affected most crypto assets, including Cardano (ADA), as the price aims to break through. (Data from Binance)

Cardano (ADA) Price Analysis on Weekly Chart

ADA Weekly Price Chart | Source: ADAUSDT On Tradingview.com

The ADA price has struggled to maintain the bullish momentum it has shown in recent months as the price has been rejected from the $3 bid area for most sellers.

ADA has since struggled to recapture the bullish momentum it experienced, but with the upcoming “Basil Hard Fork”, sentiment is growing that the price of ADA is climbing to $1. The Vasil Hard Fork is the latest and highly anticipated upgrade on the Cardano network to improve the usability and scalability of the network.

ADA price looks good on the weekly chart as the week ended bullish with more bullish sentiment. ADA price is facing resistance to break above $0.54 as the price faces resistance to the higher trend.

ADA price needs to break above this region to push its price to $0.6 and possibly $1. ADA price needs to break and hold above this resistance for a better chance of trading higher. If the ADA price breaks out with good volume, we could see the price go up. If the ADA price were to fail, we could make a retest of $0.4, which would act as a good demand zone to sell off the price.

Overall sentiment ahead of the ADA upgrade is bullish and we could expect more upside for the Cardano price.

Weekly resistance at ADA price – $0.6-$1.

Weekly support at ADA price – $0.4.

ADA price analysis on a daily (1D) chart

ADA Daily Price Chart | Source: ADAUSDT On Tradingview.com

The daily time frame for ADA prices looks bullish, with prices looking to close the day at a high after a good weekly candle close. ADA rebounded from the daily low when the price broke above the 50 exponential moving average.

The ADA price formed a bullish symmetrical triangle and broke out of this range on good volume, with the price looking to break the first major resistance in the 1D time frame at $0.56.

If the ADA price fails to break above $0.56, we could see the price retest the lower $0.5 area to follow up on more volume for a possible rally above this price area.

On the daily time frame, ADA price is currently trading at $0.514 and is holding above the 50 exponential moving average (EMA). The $0.5 price corresponds to the 50 EMA, which supports the ADA price.

The ADA price needs to overturn the 200 EMA to assume a strong upward price movement. The $0.7 price corresponds to the 200 EMA and is just below the 38.2% Fibonacci (Fib) retracement value for a higher price move.

The Relative Strength Index (RSI) for ADA is above 50 on the daily chart, indicating high buy order volume.

Daily resistance at ADA price – $0.6-0.7.

Daily support at ADA cost – $0.50.

Featured Image From zipmex, Charts From 

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