Cardano (ADA) on the Rise, Tether (USDT) Holds Steady
The price of Cardano (ADA) is rising and looks poised to continue going up, which is bullish news compared to the stability of tether (USDT).
It seems that Cardano (ADA) is gearing up for a breakout against tether (USDT) as the price of Cardano (ADA) looks set to move higher. This comes on the back of a strong showing by Bitcoin (BTC) which has managed to hold above $21,700 for the past few weeks. This has had a positive knock-on effect for most cryptocurrencies, including Cardano (ADA).
Cardano (ADA) Price Analysis On The Weekly Chart
Overall, the cryptocurrency market has been struggling to maintain its bullish momentum from earlier in the year. For ADA specifically, the price has been rejected from the $3 area acting supply zone, which has put pressure on the coin.
I believe that the upcoming Vasil Hard Fork will be a positive catalyst for the price of ADA, driving it up to $1 or even higher. The hard fork will improve the usability and scalability of the Cardano network, making it more attractive to users and investors. With the growing sentiment around the fork, I believe that ADA is poised for a strong price rally in the near future.
The price of ADA looks good on the weekly chart, as it closed bullish with more bullish sentiments. However, it is faced with resistance to breaking above $0.54, as it is struggling to trend higher.
The price of ADA needs to break out above the $0.5 region in order to continue its upwards trend. If it can do so with good volume, then we could see the price go as high as $1. However, if the price fails to break out of this resistance, then we could see it retest the $0.4 mark, which would act as a good support level.
It seems that most people are bullish on Cardano's upcoming upgrade, expecting that it will lead to even more price gains. I think this is a great time to invest in Cardano, as the potential upside seems very strong.
I see the price of ADA reaching $1 within the next week.
It is good to see that the price of ADA is being supported by a weekly $0.4.
Price Analysis Of ADA On The Daily (1D) Chart
It looks like ADA prices are on the rise, with a strong close on the weekly timeframe and a bounce off the daily low. This looks like a bullish trend that could continue into the future. ADA is currently above the 50 Exponential Moving Average, which is a positive sign.
The price of ADA is looking bullish, with a symmetric triangle formation and a breakout on the 1D timeframe. The volume is good, and the price is looking to flip the first major resistance at $0.56. This could be a good time to buy ADA.
I believe that if the price of ADA fails to break above $0.56, we could see the price retesting the lower region of $0.5 to build on more volume for a possible rally above that price region. This would be a good opportunity to buy ADA at a lower price before it rallies again.
Overall, the price of ADA is looking bullish as it trades above the 50 EMA. The next level of resistance to watch for is the $0.5 level. A breakout above this level could signal further upside for the cryptocurrency.
The price of ADA needs to flip the 200 EMA to assume a strong bullish price movement. The price of $0.7 corresponds to the 200 EMA and is just below the 38.2% Fibonacci (Fib) retracement value for higher price movement. This means that the price of ADA needs to increase in order to move past the 200 EMA and continue on its bullish trend.
The Relative Strength Index (RSI) for ADA is currently above 50 on the daily chart, indicating strong buy order volume. This suggests that ADA is currently in a strong uptrend, and that traders are bullish on the cryptocurrency.
The ADA price is currently stuck in a resistance range of $0.6-0.7. This means that the price has been unable to break above this level for some time now.
The ADA price is expected to remain supported at $0.5 in the near term. This is a positive development for the cryptocurrency, as it suggests that the market is confident in its future.
