The crypto market is performing well with little volatility on Friday, with BTC holding above $54K and ETH holding above $3500. However, the worldwide crypto market cap has dropped to $2.28 trillion, with a 16 percent drop in overall market volume.
Analysis of the Cardano Price
ADA/USD has traded in a tight range of $2.25 to $2.33 during the previous 24 hours, indicating little volatility. With a total market value of $73.4 billion, trading volume has plummeted 21.23 percent to $2.6 billion, putting the coin in the fourth position globally.
The daily technical chart and price movement of the ADA indicate a bullish trend. Based on the pivot point, the initial support zone is 1.65 USD. However, if it rushes, another way to watch it is to look for resistance at 2.5 USD.
The EMA band, which is made up of numerous EMAs, is a big helper for currency price movements. Investors may notice that the price surrounding the green ribbon remains constant. As a result, ADA will continue to rise until it reaches the top of the ribbon.
Overall, traders may expect Cardano to consolidate within 2.5 till a new low is established. On the other side, if the price manages to break through the critical resistance level of $2.5, we can expect ADA to touch $3 soon.
When is the ADA Price going to breakout?
According to Benjamin Cowen, a well-known crypto market expert, Cardano (ADA) is expected to break out to new highs.
In a new video, Cowen informs his YouTube audience that he expects a sideways market after ADA soared to $2.50 from a low of $0.02 in 2020.
Cardano is expected to make its move between mid-November and mid-March when the next breakout is expected to start.
ADA is trading at $2.26 at the time of writing, down 2.2 percent in the last 24 hours.