Most of the altcoins along with Bitcoin inculcated a sideways trend today. Despite a decent volume, ADA price traded around $ 1.5 levels. However, the price frequently dipped below $ 1.5 yet recovered in a short time frame. No doubt the Cardano price prediction by the end of 2021 stands at a higher-end, yet the current levels suggest a misty cloud on the rally.
The price after a huge spike above $ 2.4 underwent a massive sell-out and slashed close to $ 1. Yet the probability of the bull run is still alive as the price is about to test certain levels. The price currently is trending around 20-day MA and if the buyers uplift the price above these levels around $ 1.58, an uptrend may be imminent.
As mentioned in the above chart, the ADA price is trending within pivotal zones, where-in testing the upper levels is mandatory. The 20-day MA levels at $ 1.58 is the decesive phase which can be flipped into the support levels in future. However, once the price attains these levels, the next strong resistance levels lies around $ 1.88.
The successful journey above the resistance levels may extend towards the initial target of around $ 2. On the bearish note, if the price fails to test the 20-day MA levels, then a dip towards $ 1.47 may be fast approaching. The Cardano price at the time of writing stands at $ 1.48 with a dip of 1.38% compared to the previous trading day.
Author: Sahana Vibhute
This post originally appeared on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide