Cardano Above $1.20 – Can it Take Out $1.50 Soon?
Cardano has had an exciting week so far, with prices strengthening by more than 25% as it crossed a key hurdle at the $1.20 level, and looks all set to continue its bullish run all the way up to $1.50 and maybe even beyond. However, this can only happen once it breaks through the upcoming resistance levels – the immediate one at 1.30 and then at 1.40.
At the time of writing, ADA is trading at around $1.27, holding above the 100 SMA on the 4-hourly chart. There is, of course, the possibility that Cardano could encounter selling pressure as we approach the weekend, which could take its price down to around $1.00. However, indicators offer encouraging signs and point to room for further bullishness in this cryptocurrency so long as the price holds above $1.20.
A break below this key level could take Cardano’s price all the way down to $1.050 – where it can find some support. However, there is a very high likelihood that this move could be a momentary correction before the bullish trend resumes in ADA/USD once again.
On the fundamental side, there is more good news for Cardano, following up on positive developments from earlier this week when it was added to the Bloomberg Terminal and also launched for trading on Coinbase Pro. Blockchain development company Graph Blockchain announced its plans to purchase Cardano for staking, along with Polkadot, which would be the firm’s first ever initiative into supporting altcoins through investing and staking.
Graph Blockchain is expected to purchase and stake ADA through its subsidiary, Babbage Mining Corp, which will undertake acquisition of ADA and DOT tokens over the coming weeks. In addition, Cardano has also found some interest from FD7 – a crypto investment fund based out of Dubai, which has purchased ADA and DOT tokens after selling off Bitcoin worth $750 milion.
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