Cardano, after quite some time, is showing a major rally breaking through important resistance levels. Price on both time frames appears to be significantly bullish and ready to test overhead resistance from where it faced rejection a couple of days earlier. Currently, the ADA price has been in a strong uptrend since the beginning of the month. And despite the new rejection at $1.2, the price seems to bounce firmly to reach the central resistance.
Short-Term ADA/USDT Price Analysis
The price since turning from a strong consolidation on March 20 rose high holding the uptrend line. The asset steadily rallied after hitting the trend line several times, and a similar pattern is seen if the asset falls back to test the line again. However, with another significant rebound. , price is expected to reach the apex of an ascending triangle and may attempt a breakout. However, the accelerating buying volume also points towards a significant uptick that may negate the downside pressure.
Long-Term ADA/USDT Price Analysis
In the long term, the asset appears to be extremely bullish as it may have completed a ‘cup and handle’ pattern and is currently testing the neckline. With a brief consolidation, the price looks set to break out of the consolidation and initially test the $1.3 levels above the crucial $1.24 resistance levels. However, as the price of Bitcoin cools off a bit, the price ADA may soon spring into action and attempt to recapture levels above $1.5 On the other hand, Cardano bears appear to be extremely active and try to suppress the price from time to time. However, the bulls that have currently entered the ring may continue the trend.
While Cardano price is believed to be poised to continue an uptrend, the possibility of the asset becoming more volatile is emerging. According to the Santiment data, ADA whales holding a minimum of 100,000 ADA coins have been leaking supply. Additionally, the total share of these whales has also plummeted to new lows of just 83.1%. On the other hand, the mid-Tier and low-Tier direction continue to rise. Therefore, significant volatility is expected to hit the ADA price, which may push the price towards immediate resistance levels.
This post Cardano Price May Witness High Volatility Soon, ADA May Hit $1.6 Any Time This Week!
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