Cardano (ADA) peaked at $2.46 in the 2021 bull run. The cryptocurrency subsequently fell to a low of $1.03 in the market corrections. The price movements of the ADA coin had been highly volatile ever since as a stable zone is to be yet identified. Cardano had been trying to reach upwards but its trajectory is being hindered by a strong resistance it is facing. At the time of writing, ADA crypto stands at a price level of $1.74. The price had been slightly declining the past twenty-four hours while the daily trading volume has increased by 30%.
Cardano (ADA) Technical Analysis
The market sentiment for Cardano coin is bullish. Out of the total twenty-six technical indicators, fourteen are giving out a signal of buy while nine are standing at a neutral position with just three indications of sell. The oscillators are neutral while the moving averages suggest a strong uptrend.
Cardano has been identified to be facing strong resistance. The price level of $1.83 is acting as a major resistance level and the ADA coin has suffered multiple rejections at the resistance level. ADA crypto also has established the $1.31 price level as a strong support level and it had been oscillating between the two levels. Cardano coin has shown bearish divergence in the recent timeframes which may indicate that the cryptocurrency will be testing the support zone once again. However, in the longer timeframes, ADA crypto is expected to break the resistance level and reach towards its all-time high price of $2.46.
Cardano’s first cross-chain bridge
Cardano has announced to launch its first cross-chain bridge in six weeks. The bridge will connect Cardano’s blockchain with the Nervos network – increasing their interoperability. This will be a hallmark moment for Cardano as this is the first bridge to be launched. The bridge will link both the networks allowing users to interchangeably use the native tokens of the networks – reducing transaction cost and increasing efficiency.
The hallmark moment for Cardano will definitely result in increased bullish momentum for ADA crypto. The success of the bridge will also open new avenues of success for the blockchain.
