Cardano Price Analysis: ADA Token soon to break the dynamic resistance of $3

  • ADA Token price is presently struggling to get past the critical resistance of $3
  • The press time price of ADA/USDT is $2.87 established on the back of a 1.16% increase in the past 24 hours
  • Meanwhile, the ADA/BTC pair is trading at 0.00005915 BTC with a gain of 2.63%

ADA Token contemplating to overcome the resistance of $3

ADA/USDT on TradingView

The third-largest cryptocurrency is presently holding its breath as the launch of smart contracts nears. Following a swing high of $2.9, ADA Token price is on a three-day bearish streak. 

In addition to building a next above the barrier of $2.5, the altcoin has registered gains worth 20% since May high. The sentiment surrounding the Cardano and the community remains highly bullish as evidenced by the huge upside potential. 

Keeping in mind that the daily volume is on a losing streak for the past four days, the bulls are preparing themselves for a big move ahead. A break above the critical resistance of $3, would be the perfect opportunity for investors who missed the rally ahead of $1.5. 

Despite Bitcoin’s failure to get above the $50,000, it is anticipated that Cardano’s price will continue to flourish and keep smashing new targets. The fact that the Daily Stochastic RSI has bottomed down inside the oversold territory brings room for the recuperation of buyers. 

Cardano Price resonating inside ascending triangle pattern on the 4-hour chart 

TradingView

A brief inspection of the lower time frame suggests that the price action of the ADA token is fluctuating inside the ascending triangle pattern. Since the token price has fallen prey to a bearish start, the price will most likely bounce off from the ascending trend line. 

The Daily Relative Strength Index has paved its way into the equilibrium zone and is maintaining a no-trend scenario. The Moving Average Convergence Divergence indicator has transpired a bearish crossover, signaling that the ongoing bearish outlook is intact. 

SUPPORT : $2.5

RESISTANCE : $3

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