Key Resistance Levels: $0.0481, $0.05, $0.053
Key Support Levels: $0.0441, $0.041, $0.0372
Cardano has continued to gain momentum following a 35% increase over the last eight days. The price is currently up by 4.01% after opening around $0.0456 for the week.
After a slight rejection from a daily high of $0.0481, Cardano is now trading around $0.0474 against the US Dollar.
The current ADA volatility suggests that bulls are likely to take a break soon. As revealed on the 4-hours chart, the price has reached the upper boundary of the channel to indicate a potential downward correction/retracement.
However, a bullish continuation is likely if Cardano pushes above the current daily high, which would be right above the channel.
For correction, the closest level to watch is $0.0441, followed by $0.041support – the second orange line. Below this support lies the previous monthly high of $0.0372, which is around the lower boundary of the channel.
It would become ugly for Cardano if the price slips below this ascending channel that is forming for the past seven weeks.
If Cardano finds nearby support and manages to break current daily resistance of $0.0481, the next buy target would be $0.05, followed by $0.053 on the upside.
Key Resistance Levels: 624 SAT, 639 SAT
Key Support Levels: 585 SAT, 554 SAT
Against Bitcoin, Cardano witnessed an excellent recovery over the last couple of weeks, although the previous eight days’ performance has been more significant than the latter.
The bullish sentiment is still looking much exciting and positive on the 4-hours time fame, but the market is now subdued with choppy price action – indicating an indecisiveness. Cardano is holding support at 590 SAT over the past few hours.
If the price increases above the current daily high of 624 SAT, ADA is expected to continue bullish actions. On the other hand, Cardano could retrace to the white rising trend line if sellers show strong interest.
As of now, the 13th largest cryptocurrency, Cardano, is trading around 614SAT level following a 3.84% gain over the last 24-hours.
In case of a continuation, the bulls would need to surpass 624 SAT (today’s high) before advancing higher to around 639 SAT resistance.
Dropping below the 585 SAT level could trigger a quick sell pressure to the next orange line of 554 SAT, which is around the white rising trend line that got broken last week.
As suggested on the 4-hours chart, buying volume is currently decreasing to show that ADA price is likely to fall soon. Despite that, the bulls are still gaining control at the moment.
