Great Opportunity to Accumulate ADA below $1?
The ADA price in recent times witnessed a steep fall, shedding nearly 30% of the gained profit. Many speculated, the price may even retest the original positions below $0.1, yet the price appears to have sustained the support levels and bounced.
Regardless of the slight uptrend, still, ADA price appears to be in a dilemma about the further movement. As said by one of the Crypto analysts, Rekt Capital, ADA is establishing itself before the new trend emerges.
Produced a long upside wick, clearing out sell-side orders at higher prices
And then dipped to the key retest zone to form a Higher Low
The buy pressure isn't waning
— Rekt Capital (@rektcapital) February 15, 2021
Yet another analyst Kong, believes that a breakout from the current zone would lead to straight jump above $1 as the ADA price has re-tested the previous area of breakout perfectly.
Cardano(ADA) Price Analysis
The ADA price rallied like never before smashing the upper barriers and hitting the yearly highs very close to $1. Woefully, the bearish divergence carried the price too much lower levels, yet avoided too much slippage to its previous levels below $0.1.
Cardano price rally in the early trading hours revisited the strong support levels around $0.7 after. Therefore forecasting the possibility of a more downtrend, yet the price rebound with great effort and smashed the levels above $0.8.
At the time of writing, the ADA price is $0.8390 with a dip of nearly 3.09% in the last 24 hours. The plunge, however, did not replace Cardano’s position on the cryptocurrency ranking list, as it sits comfortably in 4th position.
- The strong resistance levels are at $0.95
- The support levels are at $0.6687
- The indicators for ADA price point out towards a ‘buy’ signal