Price Analysis for Cardano Price to hit a 20-day SMA ($1.45) or Fall Below $1.10

After a two-week plunge, it seems that finally, the cryptocurrency industry has started making a comeback. The industry has now started showing signs of growth and Cardano (ADA) seems to be one of them. For the first time in several weeks, it seems that Cardano is moving towards a rally.

It was on September 2, 2021, when the price of Cardano managed to hit an all-time high of $3.10 per ADA. From September 2, 2021, until now, Cardano has reportedly experienced a 60% loss in its price, coming down to $1.24 per ADA.

The data from TradingView shows that the price of ADA had started the month of December at a price of $1.59. From the 1st of December until now, the data shows that ADA’s price has plunged by 22%.

 The data from ADA shows that in the past 60-days, the price of ADA has dropped by 43.26%, and then it has dropped by 39.14% in the past 30-days. As for the past 7-days performance, ADA’s price has plunged by 9.22%.

However, in the past 24-hours, ADA’s price has observed a 2.27% recovery, and it is now at $1.24 per ADA. Even after several plunges, the price trend for ADA is moving in the upward direction, which is in favor of bulls.

Despite the uptrend of ADA, it is highly likely that the current trend of the overall market may prevail and Cardano may again end up experiencing a bearish trend.

Although the overall crypto market has started demonstrating an uptrend, it is still far from being over for ADA. It may take the industry sometime before it ends up setting foot into the bullish zone. Until then, the industry has to keep recovering from the bearish zone.

As of now, the trading volume for ADA is growing as it has grown by 10.71% in the past 24-hours. The data shows that the trading volume for ADA is now at $1,640,708,564.

This means that there is a lot of movement in terms of ADA’s price, where the bulls and bears are making their efforts to move the trend in their favor.

The data shows that the bears are currently pushing the price of ADA in the negative zone. They have been selling ADA on a large scale in order to push its price below the $1.20 per ADA price. However, the bulls are attempting to show great resistance at a price of $1.20. This is the reason why they are buying ADA on a large scale from their end as well. If the bears give in to the pressure, then bears may succeed in pushing ADA’s price to $1.10.

On the other hand, if the bulls succeed and manage to push ADA’s price above the resistance point of $1.30, they may be able to push its price all the way up to 20-day SMA ($1.45).

By Mike McIntosh
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