Cardano price has been trending downwards. Although technical indicators predict a trend reversal, the public blockchain crypto is fighting to hold onto critical support. ADA price has also hit a monthly low of $1.15, as ADA has struggled to break over the $1.40 barrier.
After a long period of bearishness, the market has begun to show indications of recovery in the previous two days. Cardano began the day on a bullish note, rising from $1.15 to $1.18 before reversing back. It reached day highs of $1.21 before reversing back.
As it waits for a breakout, ADA has been largely seen moving in this range for several days. Cardano is expected to break above the first significant resistance level at $1.22, followed by $1.27 and $1.30. $1.40 will appear reachable only after breaching the important $1.32 levels.
Its initial support level, which is also quite critical, is at $1.15 on the downside. After that, $1.12 and $1.07 are the next support levels.
The MACD analysis, however, suggests a favourable rising with green histograms. On a longer timescale, this indicates that bullish momentum is strong.
Benjamin Cowen Bullish on Cardano Price
Benjamin Cowen, a top crypto analyst, explains why he thinks Cardano (ADA), a scalable blockchain platform, is doing well in the midst of a broader correction in the crypto markets.
Given the present market situations – why has it not dropped extra? … I’ve explored working validators on numerous networks, and I feel Cardano is the simplest. It’s the simplest for validators for certain, and I feel it’s comparatively simple for delegators as properly.”
Staking is likewise simple on Cardano, according to Cowen, who has been staking his own ADA. Customers of ADA continue to bet their money, according to Cowen, despite the ongoing crypto slump.
Cardano, according to Cowen, has good entrepreneurs behind it and is providing a simple way for holders to make passive income. These factors, combined with its slow and systematic implementation, have kept ADA afloat throughout a tumultuous period.
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