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Cardano (ADA) turns bullish as it aims for an all-time high.

ADA is indicating all the signs that it is going bullish. Its daily close with a resistance level of more than $2.30 is a clear signal.

The main game-changer for Cardano is its blockchain which has increased its capabilities. With blockchain, smart contracts are a matter of interest as they provide a base for decentralized finance protocol, non-fungible tokens, and many other applications.

2021 has been a great year for Cardano although it has not yet implemented the smart-contract abilities. Once that is implemented, then it is bound to soar even higher.

According to TradingView and Cointelegraph Markets Pro, Cardano moved from $1.02 on July 20 and surged by 139% to $2.45.

Bullish moves

There is no doubt that the rising price trend for ADA shows a bullish move. Several technical indicators suggest a bullish trend.

The 50-day moving average(50MA) changed its direction to point up after two months of going down. When ADA crossed its 50-MA, it doubled in price, and currently, it is headed for an all-time high of $2.46.

According to Rekt Capital, an analyst on Twitter, the $2.30 support level is very important to it attaining an all-time high. ADA already passed its red resistance level, and $2.30 is its black resistance level. Once it passes the black level it will officially be bullish.

The cup-and-handle technical indicator

Apart from the 50MA and support level, the cup-and-handle indicator also shows the currency will be bullish soon. The indicator can be represented graphically whereby the cup is the U shape in the chart while the handle is the downward drift. The U-shape is between May 14 and Aug 16, while the handle is where there was price recovery from Monday to Wednesday.

Photo by Executium on Unsplash

Marcia

Marcia

Marcia is a real crypto fan, specialized in bitcoin and NFT news.

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