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Cardano (ADA) coin – Going towards $2.40?

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Cardano (ADA) has been increasingly volatile ever since the market crash. The cryptocurrency has been suffering from strong impulsive moves and pullbacks – yet to establish an up or downtrend. At the time of writing, Cardano (ADA) stands at $1.70. The price has increased only slightly in the past twenty-four hours while the daily trading volume has dropped by 30%. In the weekly timeframe, ADA coin has increased by 5%.

Cardano (ADA) Technical Analysis

The market sentiment for the fifth largest cryptocurrency is bullish overall. Out of the total twenty-six technical indicators, fifteen are giving out a buy signal while nine stand at a neutral indication with only two sell signals. The oscillators are neutral while the moving averages suggest a strong uptrend in the daily timeframe.

Cardano (ADA) Technical Analysis
Cardano (ADA) Technical Analysis

Cardano crypto has been identified to be operating on an ascending trendline. ADA crypto is also under the formation of a coherent wave count – as identified by a trader’s analysis. Per the analysis, ADA coin is to continue its upward move into June where it can experience a strong pullback towards the upward trendline. However, the price level of $1.86 is a strong support level for the cryptocurrency and the trader expects ADA to stabilize in the region and regain bullish momentum. If the analysis plays out, ADA crypto can try to reach towards the price target of $2.41.

Can Cardano go up to $2.40?

The recent market crash has caused investors to panic. However, CoinShares – the digital asset manager – has revealed in a report that Cardano has been institutional favorite altcoin. The cryptocurrency has received an investment inflow of $5.2 million last week – making it one of the few favorites of investors at the moment. The total asset under the management of Cardano is at $27 million. The increasing institutional interest in Cardano hints towards increased bullish momentum for the cryptocurrency.

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