Cardano’s price continues to a strong push to the upside. In today’s trading session, the prices are already up by four per cent. The current bullish trend also looks aggressive enough, and there is a high likelihood for the prices to close higher by the end of today’s trading session.
Cardano’s current price surge can also result from the recent positive reports about its support of Ethereum dApps. This is after a recent announcement that the platform, through Mikkomeda Foundation, had launched C1, an Ethereum Virtual Machine compatible sidechain connected directly to the Cardano blockchain.
The EVM integration will allow users of both Ethereum and Cardano to move assets between the two blockchains easily. It also makes it possible for Ethereum dApps to run on the Cardano platform using wrapped smart contract technology.
Cardano price bullish reversal started on March 15. Since then, the cryptocurrency has traded aggressively to the upside, rising by 55 per cent. Today, Cardano is trading at $1.21, with today’s trading session resulting in a 4 per cent gain in the markets.
Looking at the daily chart below, we can see two long-term support levels of $0.78 and 1.709. We can also see a long-term resistance level of $1.60. The chart also shows widening lines of the Williams alligator, a sign of an aggressive bullish trend. Combining all these factors, it is clear that Cardano is on a strong bullish move.
Therefore, I expect Cardano prices to hit the $1.60 resistance level in the coming days. Based on today’s analysis, there is also a high likelihood that the prices may continue past the resistance level, which is showing a strong bullish move.
However, if the prices of Cardano end up closing below today’s opening price, then my trade analysis will be invalidated. It will also mean that there is a high likelihood that the prices will start a downward push.
This post was last modified on %s = human-readable time difference 09:55