Attention Traders!! This Altcoin May Come-Out To Be The Best Bet Of 2022!

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Cardano’s price has been lucrative throughout the year 2020-21. The asset rallied more than 15,000% since then to hit the ATH above $3 from the lower areas around $0.1. However, the asset has faced a major rejection here and since then continues to maintain a deep descending trend. Despite the current narrow accumulation, ADA price appears to be one of the best altcoins, traders can bet upon.

Cardano(ADA) Technical Analysis

The technical analysis showcases a notable opportunity to flip the bearish trend and act accordingly. The ADA price held the strong support at $1 for quite a long and bounced off these levels multiple times. Woefully this support have currently flipped into strong resistance. This may be attained as the assets test the crucial resistance at $0.843.

The Relative Strength Index in the HTF has just made a flip from lower levels. But fails to break the descending trend line. However, with yet another attempt, the trend line may be tested and cleared effectively.

The MACD is about to roll out a huge ‘buy’ signal after being bearish for more than a week. And hence with an ease in the selling volume, buying volume may accumulate and uplift the price towards next levels

On the other hand, the Fair Value GAP(FVG)is a gap formed when price quickly moves away from a point. And when the momentum is weakened, the asset tends to explode lower and fill the gap. In case of ADA price, this gap is in between $0.365 to $0.746 which is still open. And hence a breakdown form $0.84 support may allow the market makers to fill this gap and ignite a huge rally

Yet the Volume Profile Gap, which displays the cluster or area where maximum traders have occurred is in between $0.84 to $0.39. And hence plunging below these levels means attracting yet another massive volume onto the platform.

Also Read: What’s Awaited with the Ripple’s Price, Despite Bearish Prediction, XRP Thrives to Hit $1!

Cardano(ADA) Price Analysis

The ADA price ever since smashed its highs in September 2021, is following a deep descending trend which has dragged the price to its initial positions

Each attempt of the asset is to flip the bearish trend is going in vaina s the ADA price constantly tests the lower highs and lows

However, the trend is currently elevated from the lower bands towards the upper levels and hence a probable scenario of a strong flip appears to be round the corner.