The cryptocurrency Cardano can be an important technical course brand and is currently showing a bullish course development.
Specific price tags are now becoming more and more important for the further price increase of the ADA Coin. Therefore, in this article we analyze the Cardano Chart for you.
Current information about the cryptocurrency Cardano (ADA)Price development of the ADA Coin since July 2022
Cardano price rises enormously: rising demand allows ADA to reach new levels
Over the whole 35 Percent Price gains crypto investors can enjoy the ADA Coin since the local low point in June. The interest in buying Cardano (ADA) has increased again.
At the same time, Cardano again rises to the seventh rank cryptocurrencies by market capitalization.
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The popularity of the Smart-Contract The Cardano project can continue Increases in popularity achieve.
This is also evidenced by the increase in the number of followers on Reddit. On the social media, Cardano shows an increase of 560 percent in the last 365 days.
Development of the Reddit followers of Cardano (ADA)
Institutional investors accumulate the ADA Coin
Another positive development for the cryptocurrency Cardano (ADA) is that increasing interest from institutional investors an ADA.
However, it became known that the international Digital Asset Bank Sygnum the ADA Coin has been added to your portfolio.
Thomas Brunner, Head of Accounts & Custody at Sygnum Bank, comments on this as follows:
We are pleased to integrate Cardano and to further expand our staking offering on an institutional level. With Cardano Staking, our clients can access a unique asset that offers staking rewards and allows them to structure their digital asset portfolios in a more diversified way.
📰 📣 News: Sygnum Bank expands bank-grade staking portfolio with the Cardano blockchain’s native cryptocurrency, ADA
Read the full announcement here 👇https://t.co/WlJkJ7Q20I
– Sygnum Bank (@sygnumofficial) August 2, 2022
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Chart analysis: bullish Cardano price formation emerged
Due to the ongoing since mid-June Bear Market Rally on the crypto market, the ADA Coin price has risen from 0.40 US dollars to up to 0.55 US dollars.
With a current market capitalization of 17.87 Billion ADA is on the verge of overtaking the cryptocurrency Ripple (XRP).
In the 2-hour price chart, we can see a very bullish price information identify.
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The so-called Ascending Triangle (in English: rising triangle) reflects the rising Cardano course.
While the price of the ADA Coin is rising, it has increasingly been rejected at the 0.55 resistance mark.
The constant rise and subsequent fall of a price within a trend is called in technical analysis Structure.
Without the presence of a structure within trend movements, these can generally be considered in advance, not classified as sustainable.
Exactly this course mark can be used to create the Ascending Triangle as horizontal resistance line be used.
Price of the cryptocurrency Cardano on the 2-hour chart
If one interprets this price formation, one can deduce that the market participants always higher price the Cardano cryptocurrency fair evaluation.
Thus, the purchasing power remains constant despite rising prices.
Chart analysts see this formation as a sign of a price break-out soon to occur to.
Our ADA Coin Price Prediction: Can Cardano rise to 1 USD?
If the Cardano cryptocurrency manages to penetrate the price resistance mark of $ 0.55 with sustainable trading volume, we can set higher price targets.
In our case, the next price target for the ADA Coin is the $0.7 Brand.
With a price increase of 29 percent, overcoming this would already be possible – in the current market environment with bullish overall market impulses, this scenario can be realized within a few days.
Chart analysis: basics, key figures and tips (2022)
Chart analyses are considered the basis of the classical valuation methods. Bitcoin2Go shows the basics and 5 most important key figures for the analysis method.
For the potential price rally, the ADA price receives support from the one below the current market price Average price indicator.
In the case of a sustained upward movement, the following $0.95 Brand name medium-term price target for the investors of the cryptocurrency are targeted.
The Relative Strength Indicator (RSI) with a value of 55 in the middle of the measured variable and signals that further Available purchase volume can stand.
Price of the cryptocurrency Cardano (ADA) on the 1-day chart
If the ADA Coin price does not succeed in breaking the $ 0.55 mark sustainably, a strong support brand it is found at $ 0.5.
You can get all the details on the overall situation of the crypto market in our YouTube video
Our Cardano savings plan calculator shows you that regular investing is worthwhile. Try it out!