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.
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.
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.
Don’t worry, we hate spam too
one weekly digest, just the important stuff.