Cardano (ADA) is among some of the most successful and promising cryptocurrencies that demonstrated high gains in the year 2021. The price of Cardano first showed a promising gaining performance in the month of April 2021.
After that, the price of Cardano continued experiencing a rally from the month of August. It was on September 2, 2021, when the price of Cardano hit an all-time high ($3.10).
At the time of writing, the price of Cardano is at $1.07, which is a really low price for the digital asset given its all-time high of $3.10.
However, the current price of Cardano is also a positive sign for the investors as it has reached this level observing a 10.22% rally in the past 24-hours.
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How Cardano May Hit $1.60
It was on March 22, when the bulls came in action and started buying Cardano at a high level. On the same day, the price of Cardano crossed the $0.94 per ADA mark, which is the 50-day SMA.
Soon, the price of Cardano managed to hit the $1 mark, which is the overhead resistance point for Cardano. As the bullish trend stepped into the next day (March 23), the bulls continued with their rally. This has moved the price of Cardano over the 50-day SMA, and at the moment, the price of Cardano is at $1.07 per ADA.
Even now, the bulls have not stopped rallying in favor of Cardano, and they are demonstrating strong accumulation sentiments for Cardano. For now, it seems that finally, the bearish trend has come to an end for Cardano and its price may continue surging.
For now, the bulls are sustaining high selling pressure exerted by the bears. If they prevail against the bulls, then Cardano’s buying momentum may surge tremendously. This would result in pushing the price of Cardano to $1.26 per ADA.
As the price of Cardano hits the $1.26 per ADA mark, the bears may try and increase their selling pressure to launch a counter. If the bulls are able to overwhelm the bears, then the price of Cardano may grow up to a high value.
The particular value would be the third major resistance mark for Cardano, and it would be at $1.60 per ADA.
The Contrary Assumption
The negative side for Cardano suggests that if the sellers are able to push the price of Cardano below the $1.00 mark, a bearish trend may initiate again.
In this particular case, the bears may try their best to bring the price of Cardano to a lower figure. The first support mark the bears may try and hit with their strong selling power would be $0.94 per ADA.
The next move the sellers make would be to pull Cardano below the 50-day SMA. If the sellers achieve that, then they may increase their selling power to bring ADA down to $0.85.