Cardano Price Spikes Nearly 20%
The Cardano Price recently trended in a ‘buy zone’ in the much lower levels. However, the official announcement of listing on Coinbase Pro provided the price with the required boost. With the massive surge, Cardano becomes the third-largest cryptocurrency according to market capitalization after Bitcoin and Etheruem.
The entire crypto community is rejoicing the much-awaited moment of listing on Coinbase and a massive influx of liquidity into the platform rallied the price hard. The volume rose nearly 100% registering nearly $9 billion in just a couple of hours.
The platform is on the verge to attain 100% decentralization by the end of March 2021 and upon the listing on Coinbase may rally the price to the highest levels in the coming days.
Also Read: Charles Hoskinson Reveals 100 Companies Are Choosing Cardano Over Ethereum
Will ADA Form New ATH?
The ADA price is following a trend since the beginning of this month and if it follows the same path, a new ATH may be incoming this week. The price appears to have consolidated well before every spike.
If a similar trend continues, then the price is expected to spike after a slight consolidation for a couple of days. Each time, the price has surged more than 20% and if the price spikes 20% this time, then smashing a new ATH would be effortless.
The RSI levels are also trending in the overbought zone since the early trading hours in between 72 and 88 levels. Despite a slight plunge in the levels, the RSI rose without an exit from the overbought zone indicating an extreme bullish momentum.
At the time of writing, the ADA price is $1.24 with a massive jump of 20.52% compared to the last trading day. Currently, the ‘V-shaped’ recovery needs to be kept intact for a continued bullish trend.
- The resistance levels of Cardano Price stand at $1.32
- The support levels stand at $1.03
- The indicators for ADA price point out towards a strong buy signal
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