Cardano Price On Bullish Track ! ADA To Hit $1.64 to $1.81 in Coming Days ?

The post Cardano Price On Bullish Track ! ADA To Hit $1.64 to $1.81 in Coming Days ? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Cryptocurrency prices continued to fall as investors’ confidence weakened, with Bitcoin trading below $42,000. The world’s most valuable digital asset fell over 1% to $41,900. Since the beginning of the year, Bitcoin has lost more than 9% of its value. Meanwhile, according to CoinGecko, the global cryptocurrency market cap fell 2% today to $2.07 trillion.

ADA Price Action

ADA recently fell 19 percent into the newly formed daily demand zone, which spans $1.22 to $1.35. The 50-day Simple Moving Average (SMA) at $1.33 is located in this support region, making this retest bullish. As a result, investors could predict a reversal in ADA around this area, leading to an uptrend.

The aforementioned daily supply zone will be the first obstacle in Cardano’s upcoming rally. The 200-day SMA will be placed in ADA’s path at $1.82 if this blockage is removed. A retest of this stumbling block will require a 36 percent increase.

If the bullishness continues, ADA may wick up to revisit the weekly resistance barrier at $1.87, increasing the overall gain to 40%.

What’s ahead for Cardano Price?

A number of reasons, according to crypto researcher Benjamin Cowen, could prohibit Cardano (ADA) from launching a bull run right now.

Cowen informs his 692,000 YouTube viewers that Bitcoin (BTC) is the “number one” limiting factor that could prevent ADA’s price from rising higher in a new video.

According to the analyst, Bitcoin governs the market’s health, and if Bitcoin’s values remain gloomy, it will be difficult for ADA to entirely break that trend.

The “bull market support band” of ADA, according to Cowen, ranges from $1.64 to $1.81. The bull market support band is a technical indicator that combines the 20-week SMA with the 21-week exponential moving average (EMA).

Platform for smart contracts Cardano is working on a number of projects for 2022. Input Output Hong Kong (IOHK) recently announced intentions to extend the network this year, including the use of sidechains, which are secondary blockchains connected to the main chain and allow for asset transfers between them.

Cowen, on the other hand, advises traders to keep track of how successful these planned upgrades are.