Cardano (ADA) price could drop to $0.9 in the coming days! Here’s Why – Coinpedia – Fintech & Cryptocurreny News Media

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The cryptocurrency market has performed exceptionally well as the market has turned its sentiment into a bullish tone due to recent gains. The market cap of all cryptocurrencies has risen to $2.16 trillion.

The altcoins are pointing to an “altcoin season” and Cardano has weekly support around $1.22, according to Bitcoinsensus, and we can expect a pullback to Fib levels $1.01–0.956 and another higher bottom at these levels.

ADA Price Promotion

The coin is currently trading at the key level of 1.15, slightly below the $1.22 resistance level in effect since February 8, 2022, bringing the $1.40 resistance level into play. For investors, the increase from $1.22 to $1.40 represents a gain of 14.75 percent.

If the ADA breaks through the $1.40 resistance, the next crucial milestone will be $1.60, representing a 31 percent gain from the $1.22 level.

The formation of higher lows and higher highs indicates that ADA is now in an uptrend. Current buying pressure in the market has primed the environment for a possible breakout above the USD 1.2 resistance level in the coming days. To achieve this, the bulls must maintain their buying pressure.

The MACD indicator is in the bullish zone, indicating that it may be the time to buy. The RSI is currently showing strong bullish momentum. These factors show that if the price of ADA moves above $1.2, it could approach $1.50 in the short to medium term.

According to a renowned crypto analytics firm (ADA), institutional investors seem to be investing massively in the global payment network Cardano.

According to a new tweet from IntoTheBlock, the volume of ADA on-chain transactions over $100k has increased by 50x in just 2022.

“Yesterday, a total of 69.09 billion ADA were moved in these large transactions, representing 99% of the total on-chain volume.”

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