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Cardano price analysis: ADA is bracing for a test of $1.2 barrier following a positive intraday move
Cardano’s price increased by 2% on the day, reaching $1.17.
Trading volume increased by 23%, indicating positive market dominance.
The coin appears to be in ideal position to go above $1.2 according to major technical indications.
Cardano price analysis for the day revealed optimistic indicators, as the price surged 2 percent over the resistance level at $1.1. The current trend’s next predicted aim is to cross and consolidate above the $1.2 level, when profit taking is likely. Over the last ten days, ADA has had volatile price activity, with prices usually hanging around the $1.01-$1.11 level. The token’s price last touched $2.2 on January 21, following which it began a rapid drop. Over the present trend, most technical indications indicate that the optimistic outlook for ADA will continue, with the prospect of a larger rally beginning once the $1.2 barrier is crossed.
The broader cryptocurrency market saw good action across the board, with Bitcoin breaking above $41,000 with a substantial 9 percent increase. With a 5% increase, Ethereum consolidated over the critical $3,000 threshold, while altcoins also showed increases. Ripple increased by 6% to $0.66, while Litecoin and Dogecoin increased by 7%…
