ADA Technical Analysis - Resistance Breakout Breaks Speed Limit

We are here yet again to enlighten you with predictions from the Crypto community!! 

And today we present to you a technical analysis video on the ADA Token!

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 $1.57 with an intraday trading volume of $5,615,699,448. The coin price is up by 8.53% in the last 24 hours. With a live market cap of $52.69 Billion, the coin has a spot reserved in the Top 5 largest coins in the world.

The ADA coin price shows a growth of more than 10% in the past 24 hours resulting in the breakout of the resistance level at $1.5. Moreover, the price action forms a solid bullish engulfing candlestick in the daily chart. The price jump and the 100% growth in the intraday trading volume shows a boom in buying pressure. 

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