Cardano Price Analysis: Despite the Correction, ADA Eyes ATH Following 30% Weekly Surge
ADA/USD – Cardano Bulls Pushing For New ATHS
Key Support Levels: $1.10, $1.00, $0.95..
Key Resistance Levels: $1.20, $1.28, $1.34.
Cardano has seen a marvelous bull run during the entire period of February, in which it managed to climb by a total of around 230%. Initially, in the first half of the month, the coin had seen resistance around $0.84 (1.618 Fib Extension). This resistance was finally broken last week as ADA set a new ATH price at $1.20.
From there, the cryptocurrency started to trend lower over the past few days as it dropped as low as $0.89 (.382 Fib) yesterday. It has managed to close each daily candle above a rising trend line which allowed it to rebound.
Today, ADA has now pushed above the resistance at $1.10 and is making an attempt at the ATH price around $1.20 again.
ADA-USD Short Term Price Prediction
Looking ahead, the first resistance lies at $1.20 (ATH). This is followed by $1.28 (1.618 Fib Extension – orange), $1.34 (1.272 Fib Extension – blue), and $1.41 (1.414 Fib extension 0 blue). Additional resistance is found at $1.52 and $1.60.
On the other side, the first support lies at $1.10. This is followed by $1.00 (.236 Fib), $0.95, $0.89 (.382 Fib), and $0.8 (.5 Fib).
The RSI is back on the rise after dipping into the midline this week. This indicates the bullish momentum is increasing within the market.
ADA/BTC – Bulls Set Fresh 2020 Highs
Key Support Levels: 2200 SAT, 2000 SAT, 1775 SAT.
Key Resistance Levels: 2300 SAT, 2333 SAT, 2455 SAT.
Against Bitcoin, ADA has set a new high for the year around 2300 SAT. The cryptocurrency had dropped into the support at 1700 SAT last week and rebounded from there.
It found resistance at 2100 SAT over the past few days but managed to break past here with the 7.5% price hike today.
ADA-BTC Short Term Price Prediction
Looking ahead, the first resistance lies 2300 SAT. This is followed by 2333 SAT (1.618 Fib Extension – orange), 2390 SAT, and 2455 SAT (July 2018 High-day Closing price). Added resistance lies at 2585 (1.414 Fib Extension – blue) and 2820 SAT (1.618 Fib Extension – blue).
On the other side, the first support lies at 2200 SAT. This is followed by 2000 SAT (.236 Fib), 1775 SAT (.382 Fib), and 1700 SAT.
The RSI is also rising here but still has room before becoming overbought. This indicates there is still room for this bull run to continue higher before a retracement is required.
