ADA Bulls Fail to Break Critical Resistance, Cardano Price Will Fall Below $1 – Coinpedia – Fintech & Cryptocurreny News Media

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In the early hours, Cardano crept a little higher, reaching $1.19 after dropping around $0.75. At the time of writing, Cardano is slightly up at $1.13 with a 1.18% plunge.

Cardano Price Promotion

Today’s rebound by Cardano marked a 7.5% gain in the early hours of today. Nevertheless, it started to deflate in the second half and even cost around $0.75 before regaining the $1 position.

The chart below shows the upper trendline that served as a sellout zone and is now being retested as resistance.

In a weekly chart, ADA is now signaling a potential pullback move as the daily RSI is above 70. Notably, Cardano token, ADA’s rebound tests 20-week (almost $1.21) and 50-week (almost $1.31) exponential moving averages (EMA) as resistances. These were the reasons that caused the ADA price to rise in January 2022.

According to Weiss Rating analyst Alex Benfield, the ADA should bounce back to the $1.20 support level, leaving the bulls intact. According to his forecast, if Cardano manages to regain this support level, we could see a higher price rally in the medium term.

ADA bulls are fundamentally strong!

Crypto wallet MinePlex co-founder Alexander Mamasidikov believes that, despite the overbought risk, Cardano is temporarily bullish. He believes that the continued growth of ADA will fundamentally help the price reach more highs as the token started to rise after ADA was included in Grayscale Investment’s new altcoin fund, also known as Smart Contract Platform ex Ethereum fund. (GSCPxE).

Mamasidikov stated, “The growth is testament to how impressed investors are with the revolutionary role of the Cardano blockchain in the fast-growing smart contract-driven evolution of Web3.0.” His excerpt also stated:

“Based on ADA’s growth trajectory, the $1 price level remains the critical support level, while the currency’s short- to medium-term resistance is pegged at $1.5.”

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