- ADA was one of the only cryptocurrencies that was able to hold onto some of its recent gains.
- Cardano’s bull flag is developing.
- ADA is currently trading at $0.4358 after a more than 9% drop in price.
As the Vasil hard fork creeps closer, existing patterns and estimates are leading analysts and experts to take on a bullish standpoint on Cardano (ADA).Notably, ADA was one of the only cryptocurrencies that was able to hold onto some of its recent gains. In doing so, ADA was able to outperform the biggest altcoin by market cap, Ethereum (ETH).
ADA’s price may now look to challenge the $0.505 barrier soon. The trend seems to be in favor of bulls since ADA’s price reached a higher high at $0.521, following a swing high from September 6 of this year of $0.512. With this being the case, the recovery rally may aim for the $0.530 resistance level.
The predictions for the crypto market in general are pretty bleak at the moment; despite this, Cardano’s bull flag is developing considering ADA’s price increased by 6% over the last two weeks.
The upside for Cardano will most likely be limited if the crypto retests $0.530 after gaining 17%. This action will generate a higher high in comparison to the previous higher high that was set on September 10 at $0.524.
On the other hand, this bullish thesis will be invalidated if the Cardano price creates a lower low below $0.450. As a result of this, the ADA price could drop to the $0.435 support level.
According to CoinMarketCap, ADA is currently trading at $0.4358 after a more than 9% drop in price over the last 24 hours. ADA is also down more than 14% over the last seven days.
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