Cardano Price Lets Out Strong Buy Signal! Will it Reach the Yearly Highs at $1.6 By Weekend?

The post Cardano Price Lets Out Strong Buy Signal! Will it Reach the Yearly Highs at $1.6 By Weekend? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Cardano price after a freefall in the second half of January 2022, consolidated healthily just above the crucial support levels at $1.  And currently the asset is following a calculated ascending approach where-in extreme corrections are attempted to keep at a distance. And eventually, ADA price may rise high slowly & steadily and eventually hit the 2022 highs around $1.6 in the upcoming week.

As per the data from the on-chain platforms, as much as 480K addresses bought nearly 6.2 million ADA coins with an average price of $1.26 per coin. Interestingly, many ADA coins were also liquidated at these ranges. And hence $1.25 to $1.28 ranges become extremely important for Cardano as any day-trading buy pressure in this region may encounter an enormous bearish pleasure. 

Yet despite all the odds, Cardano price is primed to go parabolic to hit the levels beyond $1.5 in the upcoming days. 

One of the popular analysts plots the possible path for the Cardano crypto in the upcoming days. The price is moving above the resistance in the short-time frame. Once the asset flipped from the bearish divergence 0n 22 January, the asset formed constant higher highs and higher lows with a sustained growth. The asset was successful in moving above EMA 10, EMA 21, EMA 50, EMA 100 and MA 200. 

Importantly, the immediate support level in the short term is at 0.786 FIB levels in between $1.18 to $1.19. And if the asset fails to hold at these levels then the bearish could again hover around the ADA price that may compel it to test the lower support. No doubt a strong flip is imminent yet the strength of the rally could be hampered a lot.