Cardano, after a pretty long time, is displaying a significant upswing slicing through the important resistance levels. The price in both time frames appears to be significantly bullish and poised to test the upper resistance from where it faced a rejection a couple of days before. Currently, the ADA price is maintaining a strong uptrend since the beginning of the month. And despite the fresh rejection at $1.2, the price is appearing to rebound firmly to reach the pivotal resistance.
ADA/USDT Price Analysis for Short-Term
- The price since it flipped from a strong consolidation on 20 March rised high maintaining the uptrend line
- The asset constantly rebounded after hitting the trend line multiple times, and a similar pattern is witnessed if the asset plunges down to test the line again
- However, with another significant bounce, the price is expected to reach the apex of an ascending triangle and may attempt a breakout
- Yet the accelerated buying volume also points out towards a significant upswing waiting ahead that may nullify the bearish pressure.
ADA/USDT Price Analysis for Long Term
- In the long-term, the asset appears to be extremely bullish as it may have completed with a ‘cup n handle’ pattern and currently testing the neckline
- With a brief consolidation, the price appears primed to break out of the consolidation and initially test the $1.3 levels surpassing the $1.24 crucial resistance levels
- However, as the Bitcoin price cools down a little, ADA price may soon jump into action and try to regain the levels above $1.5
- On the other hand, Cardano bears appear to be extremely active and try to suppress the price every now and then. Yet the bulls currently who have entered the ring may keep up the trend.
While the Cardano price is believed to be poised to continue with an uptrend, the possibility of the asset being more volatile surfaces. According to the data from Santiment, the ADA whales holding a minimum of 100,000 ADA coins have been letting out the supply. Moreover, the total share held by these whales has also plunged to new lows of only 83.1%. On the other hand, the mid-Tier and the low-Tier address continue to rise. Therefore, significant volatility is expected to hit the ADA price which may uplift the price towards the immediate resistance levels.