Cardano Technical Analysis: ADA Aims For $1.45 Resistance Line
Daily Cardano ADA Price Analysis
- The Cardano price has jumped by $0.20 over the last 4 days.
- The MACD shows increasing bullish market momentum.
Prior to April 10, the Cardano price has been stuck below the $1.20 support wall. However, this is when the buyers took control of the market and shot the Cardano price up from $1.20 to $1.40, gaining almost $0.20 in its overall valuation.
Cardano Price Has Four Straight Bullish Sessions
Looking at the daily Cardano price chart, the MACD shows increasing bullish market momentum, while the relative strength index is on the verge of entering the overbought zone. This shows us that the Cardano price still has room to grow.
Image: ADA/USD daily
On the downside, the Cardano price has a robust support wall at $1.35, wherein 16,500 addresses had purchased 458 million ADA tokens. This support wall is strong enough to absorb a lot of selling power.
Coin Bureau Talks Cardano Edge
The pseudonymous host of Coin Bureau, Guy, recently shared his thoughts on some of Cardano’s advantages compared to Ethereum. In a recent video, Guy mentioned his top crypto holdings, noting that Cardano (ADA) comprises around 8% of his portfolio.
He said that he began allocating to Cardano last year when the coin was just above $0.08. Considering the current price levels, ADA has been up 3,724% over the past year. The Coin Bureau host explained that he’s invested in Cardano as a hedge if Ethereum is not the number one blockchain platform.
Just a few days back, Cardano announced that smart contracts would be up and running this August. This is likely to put the platform in second place after Ethereum, noted Guy.
Like Polkadot (DOT), I see Cardano primarily as a hedge in case anything goes wrong with Ethereum… I am a huge fan of Cardano’s peer review approach to research and development.
I have a feeling that Cardano will be running smart contracts much sooner than Polkadot which would theoretically make it the next runner up to Ethereum.
Guy added that although there is not a hive of devs expressing interest in developing on the Cardano blockchain, the Cardano community is vital. He said that a majority of ADA tokens on the market are locked up in liquidity pools, indicating that they cannot currently be sold on the open market.
More than 60% of all ADA in circulation is also being staked in nearly 2,500 staking pools. Cardano may not have as many dApps waiting to deploy as Polkakdot, but it probably has millions of people waiting to use them.
Cardano Price Is Expected To Reach These Levels
The Cardano price will likely jump to the $1.45 resistance barrier, wherein it will get overbought and drop to the $1.30 support line.