Key Takeaways
- ADA struggles to match XRP market buzz as the price trades above $1, which could face a real $1.3 resistance test.
- Crypto experts believe ADA is on the verge of a major price rally, with technical indicators and market sentiment turning bullish.
- ADA bulls must break above the $1.3 resistance with strong volume, giving more price opportunities for the $2 target.
The cryptocurrency market is looking increasingly promising, with the likes of XRP making a lot of buzz and currently rallying to a new yearly milestone of $3. The price of Cardano (ADA) rebounds from a low of $0.87 to trade higher. The price could rally to a high of $1.3, which, if broken, could target $2 as its next yearly high.
The price of Bitcoin rallying from $89,000 to a high of $100,000 has sparked a market bounce across all crypto assets. ADA’s assets could potentially skyrocket in the coming weeks, following in the footsteps of XRP with s, which has a bullish uptrend above $1.
Crypto analysts have also speculated the price of ADA is set for a major run despite being overshadowed by XRP’s current price rally and buzz in the crypto space, as crypto analyst says ADA would also be a major performer in the coming weeks.
4HR ADA Price Analysis
Source – 4HR ADA Price Analysis From TradingView
The price of ADA continues to show great price action after its price successfully broke out of its key resistance and psychological level of $1 after weeks of price trade in a downtrend towards $0.87.
While ADA’s price looked like bears would dominate it, bulls stepped in to push ADA’s price above this key support as the price rallied to break $1, with many volumes accompanying the price as the price could continue its rally to a high of $1.3 where price could face a real resistance test.
A break and close above $1.3 could see the price of ADA rally with much volume to a high of $2. Bulls need ADA’s price, currently trading above $1, to push its price to new highs to gain the buzz and attention of whales.
ADA’s price trading above its 50-day and 200-day EMA together with more technical indicators turning green and pointing to more bullish price potential, could see ADA outperforming many crypto assets in the coming weeks.
Crypto experts’ higher timeframe ADA speculation suggests that the price faces major resistance around $1.3, its yearly high. Bulls would look to break past this point ahead of its mega rally to $2.
If bulls fail to break above $1.3 with strong volume, we could see ADA’s price continue to trade around $1 to $1.2. Price could form a range movement, opening up opportunities for bears or bulls to dominate. But if ADA breaks past $1.3, we could see the price remain dominant by bulls heading into $2.
Technical indicators predictions:
MACD (Moving Average Convergence Divergence) – Bullish
RSI (Relative Strength Index) – Trades above 60
Key ADA Support Zone – $0.91
