By Hassan Mehmood (Saudi Arabia)
After an outstanding performance by the seventh-largest cryptocurrency Cardano, strong resistance is on the way, which might block the bullish sentiments. Since mid-March, the price value of ADA has been increased by 700%.
It seems that the parabolic movement of Cardano has come to an end, and it also signals towards the end of mid-term alt bullish momentum.
700% Increase from its Lows
700% increase since March lows and 50% upsurge in the past week made ADA one of the best performing cryptocurrencies since the start of the year. One of the main reasons behind upward momentum is the Shelley that is set to launch at the end of July. After Shelley upgradation, users can stake cryptocurrency and earn rewards as well. As a result, coin adoption will see a boom, and network decentralization will become secure further.
Heavy Resistance Zone
Technical analysts and trader, Michaël van de Poppe published a graph over the Twitter platform in which he labeled the “substantial resistance” and then “next heavy resistance zone”. ADA will have strong difficulty in a breakout above the heavy resistance.
Also read:
Source: @CryptoMichNL
Crypto analytical firm IntoTheBlock rolled out the on-chain and exchange signals. There are a total of seven signals, and four of these are alarming an entry into a bearish zone.
Recently, Cardano has become the seventh-largest cryptocurrency by market cap after leaving behind Litecoin. Its growth since March is because of its network potential and better future.
Along with Cardano, there are other coins who are the champions of the past week, including Chainlink, Dogecoin, and Vechain. All these are making downward moves as altcoin markets are plummeting, including ADA.
A crypto analyst @Teddy Cleps found out recently that there are three technical weaknesses:
“Retesting + getting rejected from resistance + MACD testing bear cross. Don’t let the euphoria blind you, manage your risk by raising your stop losses.”
At press time, the ADA price is standing at $0.12 with a 5.61% loss in the past 24-hours.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.