Cardano Prints Bullish Pattern – Why ADA Could Surge to $1.300
On Tuesday, the ADA/USD is showing a slight bullish bias at 1.2580. Yesterday, the ADA/USD closed at $1.2376, after placing a high of $1.2587, and a low of $1.2018. The ADA/USD dropped on Monday, after rising for the previous two sessions, but it kept moving within a tight range and struggled to find a significant direction.
Cardano experienced range-bound movement, as investors found it hard to move in any significant direction. Lately, activity on the Cardano blockchain appears to have been moving up, amid the upcoming launch of several decentralized finance protocols. One includes a native, scalable decentralized exchange and automated liquidity provision protocol by the name of SundaeSwap.
Cardano Live Rate
In November, the monthly transactions on the Cardano blockchain grew by 75.8%, t0 46.2 million, which was the all-time monthly high record. The report from CryptoGlobe suggested that the number of addresses on the ADA blockchain that stakes its coin has grown beyond the one million mark, despite losing $400 billion in market capitalization during the cryptocurrency downturn. Earlier this month, the network processed about 20 million transactions and hit a milestone that kept its prices to the upside.
Furthermore, the declining prices of the US dollar on Monday also added to the value of ADA/USD, as the two have a negative correlation. The US dollar index, which measures the greenback’s value against a basket of six major currencies, fell to 96.55, and helped push the ADA/USD higher.
Cardano (ADA/USD) daily technical levels
Support Resistance
1.2067 1.2636
1.1758 1.2896
1.1497 1.3206
Pivot Point: 1.2327
Cardano (ADA/USD) – A technical outlook; Downward trendline resistance at $1.2700
The value of Cardano has plummeted. ADA is currently trading at $1.2675, which is around 60% down from its peak this year. Since August, the current price has been the lowest, and the overall market value has fallen to $39 billion. At its peak, Cardano had a total market cap of $90 billion.
We can see that the ADA price has dropped dramatically on the daily chart in recent months. As a result, the coin has created a death cross, which occurs whenever the 50-day and 200-day moving averages cross. The coin has also established a bearish consolidation pattern, and it is edging closer to the critical support level of $1.0175. As a result, Cardano’s path of least resistance at this point is to the downside. As a result, it is likely to fall to around $1. A surge in demand could extend the uptrend until levels of 1.2697 and 1.300. Good luck!
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