Developed by Ethereum co-founder Charles Hoskinson, the Cardano platform promises an advancement over the existing Alternative Coin such as Ethereum. The development and modification of this crypto-asset are supervised by the Cardano Foundation.

Using the proof-of-stake protocol has brought this cryptocurrency to the limelight and it has seen quite an up move since its initial release in 2017. Given the recent profit booking scenario in the broader crypto market, we will be covering the technical analysis of ADA to determine a stable projection of its momentum in the trading arena.

Cardano price declines below $1.5
Cardano price
ADA/USD Chart By TradingView
For a short duration since March 2021, the $1.5 benchmark was seen as a resistance and the investors took four attempts to break the resistance. During the brief three months, the prices were stable within the range of $1.5 to $1. The stiff resistance was finally broken on the 6th of May and we witnessed a strong up move.

The profit-booking scenario on ADA coin came much later after the majority of the crypto prices were on a decline. And this is something amazing. While $1.5 acted as a support for a short while, it couldn’t tame the profit booking greed of investors and panic selling by other investors.

Currently, the $1.5 seems like a borderline resistance which can be broken in the intraday momentum. It will be worthwhile to note the price momentum after breaking $1.5. Will it move upwards or succumb to profit-booking is to be speculated.

Will ADA price continue to decline further below $1.2?

#cardano (ada)