Cardano Price Prediction: ADA Breaks Down After Reaching All-Time High
Daily Cardano ADA Technical Analysis
- Cardano price reached an all-time high of $1.48 this Saturday.
- The RSI shows that the ADA is no longer overpriced.
Cardano price had a historic Saturday wherein it reached an all-time high of $1.48. However, the asset seemed to be overvalued which opened the gates for bears to step in for a price correction. Let’s take a closer look with technical analysis.
Cardano Price Faces Bearish Correction This Sunday
After reaching its all-time high, the Cardano price has gone down to $1.25m dropping by nearly $0.23 due to bearish correction. The relative strength index (RSI) which was hovering in the overbought zone has now dipped back into neutral mode due to this correction.
Image: ADA/USD daily
The Cardano price has a robust support level at $1.15 wherein 37,00 addresses had previously purchased 2.55 billion ADA tokens. This level is strong enough to absorb a lot of selling pressure.
Cardano (ADA) Upgrade and Hard Fork Supported By Binance
Binance recently announced that it is adding support for the Cardano network upgrade and hard fork. The platform will suspend ADA deposits and withdrawals starting from 16.00 UTC on March 1. Binance expects to restore full service by 21.45 UTC on the same day. The exchange also mentioned that trading would not be affected and that it would resume all services as soon as the network proved stable. It would not announce the resumption ahead of time.
The upgrade comes at an exciting time for the project as ADA recorded new all-time high prices recently. On February 26, it also hit a new high in terms of market capitalization. ADA’s market capitalization began a serious rise in December 2020. It finally breached its ATH, set in January 2018 only in February by hitting a high of $46.5 million.
The Goguen Rollout, set to release today, brings changes to the platform that keep it on the cutting edge of Decentralized Finance (DeFi). The rise of DeFi platforms in 2020 showed the need for interoperability, high-speed throughput and lower transaction costs.
Cardano Price Is Expected To Reach These Levels
We don’t expect the Cardano price to fall any lower than $1.15 due to the presence of a healthy support level.