Following the celebrations in Bitcoin as of yesterday, Cardano continues to skyrocket after seeing a 15% price increase over the past 24 hours of trading, bringing the current price up to $0.089. The cryptocurrency has now seen a 36% price rise over the past seven days with a further, even more impressive, 120% price surge over the past 30 days.
Cardano has now sailed into the 9th place on the top cryptocurrencies by market-cap.
Looking at the ADA/USD 1-Day Chart:
- Since our previous ADA analysis, we can see that the market has broken above the previously highlighted resistance at $0.071 and has stormed into higher resistance at the $0.089 – 0.09 area.
- From above: Breaking up the $0.09 resistance will likely send ADA to retest resistance at $0.09398 where lies the short term 1.618 Fibonacci Extension level. Above this, further resistance can then be located at the $0.10, $0.107 and the $0.118 level.
- From below: The nearest level of support now lies close at $0.087. Beneath this, further support can then be expected at $0.081, $0.074, $0.07, and $0.06.
- The RSI continues to remain in bullish territory above the 50 level but has also reached overbought conditions with a hint of divergence away from price action beginning to show which could indicate a small pullback (healthy) may take place over the next few days.
- The trading volume has been rising toward the end of March 2019 and remains high.
Looking at the ADA/BTC 1 Day Chart:
- Taking a look at ADA against BTC, we can see that the coin has been stable over the past days, unlike other major altcoins. Price action has recently managed to break above resistance at 1768 SAT and had managed to reach 1874 SAT before falling again.
- From above: The nearest level of resistance above 1874 SAT lies around 1969 – 2000 SAT area. Further resistance lies at 2120 SAT and 2227 SAT.
- From below: The nearest level of support now lies between 1768 SAT and 1725 SAT (along with 1700 SAT). Below lies the 1677 SAT level and further is 1484 SAT.
- The RSI remains in bullish territory but is approaching overbought conditions again.
- The trading volume has increased significantly over the past few days.
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