Cardano price: Earlier this week, the crypto market witnessed a sudden sell-off which plunged the Bitcoin price from a new all-time high of $69000. The overhead supply spread to altcoin including Cardano which recorded over 10% fall on March 5th. However, the daily chart also projected long-tail rejection which indicates the buyers are defending their new support. The accumulation at the market dip is a key signal of sustainable recovery.

Also Read: Cardano’s Charles Hoskinson Reacts To ADA & Solana Price Comparison

Cardano Price Holds Strong Above the $0.68 support

ADA, the native cryptocurrency of the Cardano ecosystem has witnessed steady growth for the past five weeks with a price jump from $0.447 to $0.79. This 78% upswing backed by an occasional pullback and increasing volume reflects the ADA price is witnessing sustainable growth.

An analysis of the daily chart showcases this rally as the development of a bullish reversal pattern called cup and handle breakout with neckline breakout from March 1st. This breakout signals a buyer’s escape from the long accumulation phase and the emergence of a new rally.

Despite the recent market sell-off, the ADA price showed sustainably above the breached neckline at $0.68. In the last two days, altcoin has surged 8% to trade at $0.75 currently. Under the influence of this pattern, the buyers will drive the Cardano price to a theoretical target of $1.146, registering 51% potential growth.

On a contrary note, a breakdown below $0.68 will indicate the weakening of bullish momentum and may spark a new correction trend.

Also Read: Cardano Price Analysis: How To Navigate ADA’s Roadmap To $1 In March

Technical Indicator:

• Bollinger Band: An upward arch in the Bollinger Band indicator highlights that buyers continue to dominate this asset.
• Moving Average Convergence Divergence: A bullish crossover state between the MACD(blue) and signal lines higher the recovery trend remains intact.                                        

The post Cardano Price Hold Above Key Support Sets the Next Recovery Leap to $1  appeared first on CoinGape.

Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0

CFN Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed