ADA Technical Analysis -Breakout-led Bull Run To Touch $2

Founded by Charles Hoskinson, one of the co-founders of Ethereum, CEO of IOHK, Cardano is one of the largest blockchains to successfully use a proof-of-stake consensus mechanism. The new consensus consumes less power than the proof-of-work algorithm Bitcoin is based on. 

On September 12, Cardano released its highly anticipated Alonzo update. After the update, the network now supports a wide array of crypto applications, including non-fungible tokens (NFTs) and smart contracts.

The live ADA token price today is $1.46 with an intraday trading volume of $2,915,635,780. The coin price is up by 8.53% in the last 24 hours. With a live market cap of $48.92 Billion, the coin has a spot reserved in the Top 5 largest coins in the world.

The ADA coin price action shows a V-shaped recovery in the daily chart with a 30% price jump following the downfall to $1.125. The coin price shows a rise of almost 10% in the past 24 hours with a 130% rise in intraday trading volume. This indicates a boom in the underlying buying pressure. The price approaches the crucial resistance level of $1.5 that may soon generate a breakout entry opportunity.

Let’s have a deepened insight into the technical analysis of ADA Token and see what the indicators have to say about it.