Convergence

Cardano

Bitcoin

Strong

Cardano price: Earlier this week, the crypto market witnessed a sudden sell-off which plunged the Bitcoin price from a new all-time high of $69000. The overhead supply spread to altcoin including <a href="https://coingape.com/cardano-news-charles-hoskinson-reacts-to-ada-solana-price-comparison/" rel="noopener noreferrer nofollow">Cardano</a> which recorded over 10% fall on March 5th. However, the daily chart also projected long-tail rejection which indicates the buyers are defending their new support. The accumulation at the market dip is a key signal of sustainable recovery.
Also Read: <a href="https://coingape.com/cardano-news-charles-hoskinson-reacts-to-ada-solana-price-comparison/" rel="noopener noreferrer nofollow">Cardano’s Charles Hoskinson Reacts To ADA &amp; Solana Price Comparison</a>
<h2 id="b-cardano-price-holds-strong-above-the-0-68-support-b">Cardano Price Holds Strong Above the $0.68 support</h2>
<figure style="width: 100%" class="wp-caption alignnone"><a href="https://coingape.com/cardano-ada-price-gearing-for-2000-gains-to-10-as-per-historical-chart/" rel="noopener noreferrer nofollow"><img decoding="async" src="https://s3.tradingview.com/snapshots/4/4GaWGFaA.png" alt="BINANCE:ADAUSDT Chart " width="1946" height="937"></a>
 <figcaption class="wp-caption-text">
 Cardano Price| tradingview
 </figcaption>
</figure>
<a href="https://coingape.com/cardano-ada-price-gearing-for-2000-gains-to-10-as-per-historical-chart/" rel="noopener noreferrer nofollow">ADA</a>, the native cryptocurrency of the Cardano ecosystem has witnessed steady growth for the past five weeks with a price jump from $0.447 to $0.79. This 78% upswing backed by an occasional pullback and increasing volume reflects the ADA price is witnessing sustainable growth.
<blockquote>
 An analysis of the daily chart showcases this rally as the development of a bullish reversal pattern called cup and handle breakout with neckline breakout from March 1st. This breakout signals a buyer’s escape from the long accumulation phase and the emergence of a new rally.
</blockquote>
Despite the recent market sell-off, the ADA price showed sustainably above the breached neckline at $0.68. In the last two days, altcoin has surged 8% to trade at $0.75 currently. Under the influence of this pattern, the buyers will drive the Cardano price to a theoretical target of $1.146, registering 51% potential growth.
On a contrary note, a breakdown below $0.68 will indicate the weakening of bullish momentum and may spark a new correction trend.
Also Read: <a href="https://coingape.com/markets/cardano-price-analysis-how-to-navigate-adas-roadmap-to-1-in-march/" rel="noopener noreferrer nofollow">Cardano Price Analysis: How To Navigate ADA’s Roadmap To $1 In March</a>
<h2 id="b-technical-indicator-b">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: An upward arch in the Bollinger Band indicator highlights that buyers continue to dominate this asset.</li>
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bullish crossover state between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" rel="noopener noreferrer nofollow">MACD</a>(blue) and signal lines higher the recovery trend remains intact.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</li>
</ul>
The post <a href="https://coingape.com/markets/cardano-price-hold-above-support-sets-the-to-1/" rel="noopener noreferrer nofollow">Cardano Price Hold Above Key Support Sets the Next Recovery Leap to $1&nbsp;</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Cardano Price Hold Above Key Support Sets the Next Recovery Leap to $1

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