CandleFocus

Cardano Price Analysis: This Resistance Blocks ADA’s Path Toward $2

Author: Content Editor
The price of Cardano (ADA) has been closely following the price of Bitcoin in recent weeks, but it has yet to reach a new record high. However, if it can overcome the $1.2 resistance level, it may be able to achieve this milestone. Currently, the price is consolidating below this resistance level. Although there appears to be a head and shoulders pattern forming, as long as the $0.75 support zone remains intact, the market will remain bullish and a new record high is possible. The ADA/BTC chart shows a similar pattern, but with a key difference. If the neckline of the head and shoulders pattern breaks below the 1000 SAT support level, the price could drop towards the 200-day moving average at around the 700 SAT mark. However, if the 1000 SAT area holds, a further rally towards the 1500 SAT resistance zone is likely in the near future.

Related News