The Cardano price is snapping back on-trend, shaking weakness early this week as buyers aim for $1 or better.
As of writing on Feb 18, the ADA price is changing hands at around Feb and 2021 highs, above $0.93 in a buy trend continuation pattern.
Accordingly, ADA is one of the top performers in the top-10. Specifically, in USD-terms, the coin is firm, adding a ballpark 10 percent on the last day. Meanwhile, it is paring losses with the BTC and ETH, losing three percent and racing back to break-even, respectively.
The path of least resistance is northwards. Affirming this bias is the presence of high trading volumes, pointing to grassroots demand. For instance, the average daily trading of ADA jumped seven percent as over $4.2 billion changed hands on the last day.
Cardano (ADA) Price Overview
The recovery of ADA began mid this week. Buyers are building on the three-bar reversal pattern visible in the daily chart confirming the entry of bulls once prices shrunk between Feb 11 and 15.
The first liquidation wall is $1—a round number that traders are closely watching.
On the lower end, Feb 15 lows and the middle BB could be the springboard for aggressive traders aiming at $1.3 in the immediate term. The 20-day moving average acts as support, capping the current trade range.
However, it is imperative to note that gains above $1 will confirm the current consolidation as an accumulation, opening up ADA/USD to $1.32. On the flip side, a high-volume dump completes a three-bar bear reversal pattern that may see the ADA price slide to $0.40 in a retest.
Even so, risk-averse traders can wait for a breakout above $1 or below Feb 10 lows of $0.65 before committing. This is because the resulting movement might define the coin’s immediate term trajectory.
Cardano (ADA) Market Movers
Cardano is a peer-reviewed platform in development to support smart contracting. Developers are currently working on Goguen with the Mary Hard Fork combinator enabling native assets in Cardano. It should be ready for mainnet on Mar 1.
Update on Mary https://t.co/XaeBUZ64CS
— Charles Hoskinson (@IOHK_Charles) February 16, 2021
Meanwhile, native token transactions will be possible in Ledger Nano, a hardware wallet.
As i promised, here is a follow up post from yesterday. Now NativeToken transactions are also possible with a Ledger Nano HardwareWallet and FW 2.2.0+🤩
Some final review testing, but we will be ready for the Mary ChainUpgrade at the end of this month! 💪
Best regards, Martin pic.twitter.com/nWfjyb5qfX
— ATADA / ATAD2 Cardano StakePool Austria (@ATADA_Stakepool) February 11, 2021
Notably, native assets in Cardano also means the deployment of non-fungible tokens (NFTs) even before Goguen, a colossal achievement:
— Dr. Shweta 🦅 (@Dr_shwetaPHD) February 18, 2021
Ahead of this, Cardano is one of the most actively developed networks:
Cardano is the most heavily developed blockchain network. And therefore I am long on ADA. 🚀
— Dan | CCV | ⚡️ (@cryptorecruitr) February 18, 2021
Cardano Price Prediction
The ADA/USD price remains in an uptrend and price discovery mode.
The ceiling is at $1 for ambitious buyers aiming at $1.31—the coin’s all-time-high flashing with the 3.618 Fibonacci extension level of the 2018 to 2020 trade range (visible in the weekly chart).
Presently, the underlying momentum is firm. ADA bull bars are banding along the upper BB in the weekly chart pointing to demand and trader expectations.
In the medium term, a sharp break out above $1 confirms buyers of Feb 10. Note that prices are still ranging within the bull bar, pointing to demand from an Effort versus Result point of view.
However, the pace—or the spike’s rapidity to $1.3, is highly dependent on accompanying trading volumes. An uptick exceeding those of Feb 10 will build a sound foundation for buyers.
A dump down below $0.65—Feb 10 low will deflate bulls, forcing prices back to $0.40.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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