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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Cardano (ADA) Ready For Rally Towards $1.50? What Indicators Are Saying

Best Owie
Best Owie
1 year ago
2 mins read
Bear

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Cardano (ADA) has not been on the best of trends lately. In fact, since the digital asset touched its high above $3 in September 2021, it has been a continuous trend of heartbreak for its holders. Every slight upward recovery has been marked by a deeper dip, sending the cryptocurrency towards new lows each time. With the various market crashes, the asset has now lost about 60% of its all-time high value but the worst seems to be far from over.

Cardano (ADA) Has Not Bottomed Yet

Even though Cardano (ADA) has dropped below $1, it looks to be that the digital asset is still far from its bottom. It had grown tremendously in the space of a year in 2021, where it started out below $0.20 and ended up above $3. But the digital asset has continued to bleed all of its gains from this time straight into 2022. And once again, it has lost support a the $1 level.

Related Reading | Bitcoin Value Remained Stable Around $43,000

An important thing to note for Cardano (ADA) is where the cryptocurrency is currently trading. A look at the charts paints a very bleak short and medium-term picture of the asset. It is trading below every single moving average available, and still remains below its year-to-date average.

Cardano (ADA) price chart on TradingView.com

ADA loses footing at $1 | Source: ADAUSD on TradingView.com

It is one of the digital assets with the highest sell pressures now with sell sentiments currently sitting at almost 100%. This in no way spells good news for ADA which remains one of the most popular projects in the space but does not measure up price-wise compared to other projects of its caliber. Despite transaction volumes ramping up on the site with the introduction of DeFi protocols like SundaeSwap, it remains very low in terms of value.

Related Reading | Bitcoin Closes 1st Green Month After 3 Reds, What History Says May Happen

Support levels for the digital asset are getting weaker with each dip. After breaking below $1, the next support level at $0.92 barely held up to the onslaught from bears. It quickly broke below this point and is now gearing up to test the next level. There is expected to be significant resistance at the first point which s $0.97. After this will come $0.995 and $1 not much farther.

However, if ADA fails to hold above $0.924121, then the next support level sits at $0.903. Unless this point holds, then a rapid fall through to $0.8 will see it testing one of its lowest yearly levels yet.

Featured image from Bear Pile, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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