Cardano Price Analysis: After 120% Surge In 2020, Can ADA Hold Above The Crucial $0.7 Resistnace?

• Cardano created a fresh 7-month price high today after increasing by a total of 5% to reach a price of $0.72.
• The cryptocurrency has experienced strong growth over the past 30-days as it surged by 82%.
• It also created a fresh 7-month high against Bitcoin as it breaks above the 650 SAT level.

Key Support & Resistance Levels

ADA/USD:
Support: $0.065, $0.06, $0.055.
Resistance: $0.0726, $0.075, $0.08
ADA/BTC:
Support: 620 SAT, 600 SAT, 585 SAT.
Resistance: 695 SAT, 722 SAT, 762 SAT

ADA/USD – Cardano Reaches $0.07 Resistance

Cardano has seen a pretty strong surge since rebounding from $0.033 in January. It went on to increase by a total of 122% in 2020 as it ran into resistance at $0.072, provided by a bearish .618 Fib Retracement.

The cryptocurrency is now battling to stay above $0.070 as the bears push it down beneath the resistance.

Cardano is trading within a strong bullish condition and would need to drop beneath $0.049 for this to be invalidated.

ADA Short Term Price Prediction

If the buyers manage to lift ADA above $0.07 and penetrate the aforementioned resistance at $0.0726, they will meet higher resistance at $0.075 and $0.080. Above this, additional resistance lies at $0.083 (bearish .786 Fib Retracement) and $0.090.

On the other side, strong support lies at $0.065 and $0.060 (short term .382 Fib Retracement). Beneath this, additional support lies at $0.055 and $0.052.

The RSI is trading at an extremely overbought level that has not been seen since September 2019, and a pullback should be expected soon to bring the momentum to a sustainable level.

ADA/BTC – ADA Meets .382 Fib Retracement at 695 SAT

Against Bitcoin, Cardano also started to surge after rebounding from the 455 SAT support level during January. It went on to climb above the 100-days EMA and 200-days EMA until finding resistance at 620 SAT.

The cryptocurrency broke above this resistance in yesterday’s trading session as it continued to climb higher to meet resistance at the bearish .382 Fibonacci Retracement level at 695 SAT.

Cardano has been bullish ever since it managed to climb above the resistance at 545 SAT, which had provided trouble for the bulls during September and November 2019. It would need to drop back beneath here for the bullish trend to turn neutral.

ADA Short Term Price Prediction

If the bulls break the resistance at 695 SAT and climb above 700 SAT, immediate resistance is expected at 722 SAT (1.414 Fib Extension), 762 SAT (1.618 Fib Extension), and 786 SAT (bearish .5 Fib REtracement). Above this, additional resistance lies at 800 SAT and 850 SAT.

Toward the downside, initial strong support lies at 620 SAT. Additional support lies at 600 SAT, 585 SAT (200-days EMA), and 545 SAT.

Similarly, the RSI is trading at overbought levels that have not been seen since March 2019. However, the Stochastic RSI shows that there is still some room for the momentum to increase slightly higher.

The post Cardano Price Analysis: After 120% Surge In 2020, Can ADA Hold Above The Crucial $0.7 Resistnace? appeared first on CryptoPotato.