Cardano Price Analysis: ADA Sets New ATH, What Are The Next Targets?
ADA/USD – Bulls Ignore Overall Bearish Market And Set Fresh ATH
Key Support Levels: $1.30, $1.22, $1.10.
Key Resistance Levels: $1.49, $1.56, $1.61.
While the overall market continues to struggle, Cardano bulls are forcing new ATHs today as the cryptocurrency surged past the previous ATH at $1.20 yesterday to set a new one today at $1.49.
Cardano did see some sideways price movement during the week with the weakness generated from Bitcoin. However, ADA managed to remain supported at $0.95, provided by a short-term ascending trend line.
On Wednesday, it rebounded from this trend line and continued its previous bullish momentum upward. ADA has since dropped slightly from the ATH as it now trades at $1.38.
ADA-USD Short Term Price Prediction
Looking ahead, the first resistance lies directly at the ATH price of $1.49. Beyond the ATH, resistance lies at $1.56 (1.414 Fib Extension – purple), $1.61 (1.272 Fib Extension – red), $1.70 (1.414 Fib Extension – red), $1.75, and $1.80 (1.618 Fib Extension – red).
On the other side, the first support lies at $1.30. This is followed by $1.22 (.236 Fib), $1.10, $1.07 (.382 Fib), and $1.00.
The RSI is now in overbought territory but still has room to push higher before becoming extremely overbought. This suggests there the current bull run can continue beyond $1.50.
ADA/BTC – Bulls Spike Above 3000 SAT
Key Support Levels: 2800 SAT, 2660 SAT, 2330 SAT.
Key Resistance Levels: 3000 SAT, 3194 SAT, 3450 SAT.
Cardano is also performing extremely well against Bitcoin. The cryptocurrency managed to surpass the previous February resistance at 2100 SAT on Wednesday as it continued to create fresh highs for 2021.
Today, ADA pushed higher from 2660 SAT to spike above 3000 SAT and set the 2021 high at 3194 SAT. It has since dropped lower from this high as it trades at 2950 SAT.
ADA-BTC Short Term Price Prediction
Looking ahead, the first resistance lies at 3000 SAT. This is followed by 3194 SAT (today’s high), 3450 SAT (1.618 Fib Extension – green), 3660 SAT (1.272 Fib Extension – blue), 3800 SAT, and 3900 SAT (1.414 Fib Extension – blue). Added resistance lies at 4000 SAT and 4245 SAT.
On the other side, the first support lies at 2800 SAT. This is followed by 2660 SAT (.236 Fib), 2330 SAT (.382 Fib), and 2200 SAT.
Likewise, the RSI is overbought but still can push upward before becoming extremely overbought, indicating that there is room to push higher.
