2021-06-24 20:55:26

Cardano Price to breakout soon! Major pump incoming for ADA!

Though the cryptocurreny market soared Wednesday, the world’s major altcoins are still far from their peaks.

Cardano’s entrance into the sector is expected to be a game-changer, especially with its cutting-edge blockchain features. The platform will soon launch the much-awaited smart contract capability. The upgrade is scheduled for September 2021, an event that seems to keep investor interest high.

IOHK, the company behind Cardano, announced its partnership with Orion Protocol, a global and decentralized gateway to the cryptocurrency market. This also makes Orion Protocol the first liquidity aggregator on Cardano.

Besides, the collaboration helps Orion tap into Cardano’s scalability and to attain Orion’s goal of combining NFT marketplaces and traditional financial markets.

Cardano Price Analysis

The daily technical chart of ADA token price rebounded from the EMA-200 level and is now sustaining above. According to the pivot point, the critical support level for ADA is $1.10. However, if it does go higher, the key resistance level to be aware of is $1.70. In addition, the chart shows a bullish engulfing candle, which indicates bullish control over price movements. 

Also Read : Cardano Price Eyeing Massive Surge! ADA Price To Hit $1.451

The exponential moving average (EMA) made of 200-EMA assists as solid support for currency price changes. Investors can witness that the price is sustaining the red line, so unless the price is above the EMA, it will ensure the upward trend of Cardano.

The trading price of the ADA Price is $1.34, with a daily profit of 5.7% and a weekly loss of -8.6%. In addition, the price recovered from the support level. Technically, the price shows strength and is sustaining above EMA-200.

Therefore, the current trend remains bullish. Based on the overall market sentiment, the price may try to move towards the resistance of $1.70 in the next few days.

Resistance: $1.70

Support: $1.10

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