Cardano is up against a stumbling block on his way to new all-time highs

Syed AhadWeb Editor

31st Aug, 2021. 10:41 pm

Cardano (ADA) increases almost 3% ever since the starting of the regular trading session as a novel tendency of volatility has hit the crypto market.

Cardano looks to have come in an alliance period after rushing to a new all-time high of $2.98 on Aug. 23. Since then, it’s been creating a series of higher lows, whereas the $2.98 resistance level has disallowed it from progressing further.

A surge in purchasing pressure around the present price levels might have the strong point to push Cardano outside the above resistance at $2.98. In this case, ADA might advance by closely 16.3% to make a new all-time high of $3.43.

Transaction history demonstrates that if the demand fence that spreads from $2.74 to $2.82 holds, the chances will favor the bulls.

Still, the third-largest cryptocurrency by market cap wants to carry on trading above the $2.74 to $2.82 range to avoid 91,500 addresses from selling the 2.4 billion ADA they acquired around this price level.

Breaking through this critical demand barrier may prompt investors to sell their positions in order to avoid seeing their investments go “out of the money.” Instead, a sell-off might result in a 16.3 percent drop, pushing Cardano to $2.40.

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