Cardano’s price reached a new high yesterday, reaching $ 2.58. If buyers can keep the price above the $ 2.47 support and the buying pressure continues to increase, there is a possibility of further price growth.
to the Report Crypto Briefing, Cardano, came to the attention of digital currency market traders after recording a new historical peak. Cardano has now entered the price discovery phase and a technical pattern shows that there is room for further price growth.
Cardano has recently performed well, reaching a new all-time high of $ 2.58. Known as the Ethereum Killer, the digital currency has grown 153 percent in the past 30 days, ranking third in the digital currency market above Binance coin.
Following the news of the launch of the Alonzo update and the addition of the possibility of supporting smart contracts on September 12 (September 21), investors’ feelings towards Cardano seem to have risen. Addition of smart contracts to Cardano stock-based networking will enable the construction of decentralized applications, including Decentralized Financial Protocols (DeFi) and NFT tokens, using the network’s core programming language, Plutus. .
Looking at Cardano’s price chart, it seems that the massive growth of the last 24 hours is due to the breaking of the rising flag that can be seen in the 12-hour market view. The 54% price increase from August 9 to 14 (August 18 to 23) is the first bar of the flag and the downward channel of this pattern is formed right after the first bar.
Increasing sales pressure could push Cardano up 11 percent to $ 2.87. This goal is measured by measuring the height of the first bar and adding it to the breaking point of the flag.
Maintaining $ 2.47 support is vital to Cardano’s uptrend. Increasing sales pressure and decreasing demand at this level can lead to a wide price correction.
A break of $ 2.47 support is likely to break the $ 2.15 level, according to Fibonacci retracement levels from the $ 2.47 peak on May 16 to the May 19 $ 29 (May 29) level. And even raises $ 1.90.