Crypto Analysis: Is Cardano (ADA) Priced at $0.41?

Crypto is back and this is reflected in the price of ADA. The currency is already up more than 8% this week and there is still room for some percentage gains. How is the currency evolving and what can we expect? Let’s look at the graphs.

Important prizes

To analyze the key price levels, we first use a large chart. This allows us to visualize price levels from long ago. This is important because old price levels can still be important today. Below we see the weekly chart of ADA, with each candle representing 7 days.

As you can see, this time only two orange lines and one blue line have been drawn. These orange lines are from a previous low and high and the way the price is moving shows that the coin is in a sideways move.

Every time the price approaches the maximum line, it is pushed down and vice versa. The lower orange line proved strong enough to prevent the ADA from falling below $0.24. This makes it look like the coin will drop to 0.41.

In addition, a blue line has been drawn marking an earlier peak. This is important to indicate where resistance could be before the coin moves towards $0.41. Last time there were many sell orders ready to push the price above $0.38.

New highlight

If we zoom in a little further, we can look at ADA’s short-term moves. Each candle in the chart below represents not 7 days, but 1 day. This allows us to view the price in more detail.

It is clearly visible how the race tried to fall below the final result several times, but each time it turned out to be too strong. As a result, the coin reached a higher value for the first time in a long time.

This is positive because it is usually followed by a higher low (which turns into an uptrend). Hopefully it will be strong enough to break the blue line towards $0.41, but only time will tell.