Cardano made a big breakthrough of 18.05% in the past 24 hours and hit a new all-time high of $ 1.55 today.
Cardano (ADA) has been trading sideways with no success since attempting to break past $ 1.48 resistance on March 18.
This shows that the market does not believe that ADA is overvalued. Rather, ADA has amassed enough strength right now to break the strong resistance of $ 1.48 early on, and according to market analysis, ADA is expected to see a spike.
Justin Bennett, an analyst with more than 39,2,000 followers, tweeted that the price of ADA will increase tenfold by the end of the year. According to a 10x hike, ADA will exceed $ 12 by the end of the year.
The trader added that he is accumulating Cardano because he believes the current consolidation is only temporary as the decentralized network tries to build a smart contract platform on a larger scale.
Cardano Price Analysis (ADA)
Source: ADA/USDT 4-Hour via TradingView
Judging by the 4 hour candlestick chart, Cardano has broken the previous high of $ 1.488 and the bulls are trying to reverse that resistance level into support.
ADA hit an all-time high of $ 1.55 and trading volume is currently rising. At the time of writing, ADA’s transaction price had dropped to $ 1.53.
When Bitcoin hit a new historic record of $ 64,843, it attracted more funds to continuously pour into the cryptocurrency market.
The relative strength index shows this Altcoin stayed above the equilibrium zone of 50 marks and stepped up into the overbought zone. The upward EMA (Exponential Moving Average) band and the bullish MACD index indicate that the current price level is supported by the buyer.
To invalidate the bullish outlook, ADA bears must suppress the price below $ 1.48 at all costs. Strong consolidation at this level will cause Cardano’s price to drop to a 20-exponential moving average of $ 1.26.
If the bulls can push the ADA’s closing price above $ 1.55, the upward momentum could push the ADA to hit a new all-time high of $ 2.00.
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