- Cardano recorded 7% gains to reach $0.0917 in two days as bulls remain in charge
- The price is now facing a crucial resistance line on the hourly chart
ADA/USD: Cardano Holds Weekly Support At $0.074
Key Resistance Levels: $0.0917, $0.095, $0.1
Key Support Levels: $0.082, $0.074, $0.07
Last week, Cardano saw an impressive increase of almost 20% to reach a three-month high of $0.087 on Binance. The surge was led by a break above the important $0.07 resistance, which contained the previous yearly high.
Following Bitcoin’s price dump to $9200 on Tuesday, Cardano wicked slightly below $0.07 (to retest the previous break level). Still, it quickly bounced back with a double bottom formation around $0.074, as indicated grey on the hourly chart.
This 7% recovery saw the price surge to a current daily high of $0.0915. It has overtaken Tezos as the 10th largest cryptocurrency in terms of market cap at the time of writing.
Cardano Price Analysis
Before reaching the above price range, Cardano would need to push above today’s high at $0.0917, followed by a key level at $0.095 on the upside. Currently, buying pressure is a bit suspended as it pullbacks near support.
There’s a support at $0.0821. The next level to watch is $0.074, the grey area on the chart. In case of a breakdown, the price may drop to $0.07 once again or even lower.
More positive actions can be expected in the next few hours as long as trading volume continues to increase. Cardano is looking bullish, but the price is facing a crucial resistance line on the hourly chart. It is currently priced at $0.0875.
ADA/BTC: Cardano Consolidating Around Key Level
Key Resistance Levels: 947 SAT, 1000 SAT
Key Support Levels: 856 SAT, 777 SAT
Against Bitcoin, Cardano’s price is technically bullish on a short-term perspective, but the price has continued to struggle under the yellow rising trend line since it recently bounced back from 777 SAT level.
After touching 947 SAT today, ADA got rejected and dropped to where it’s currently consolidating around 900 SAT. The interesting thing here is that buyers are still showing a lot of commitment.
The only condition for a bearish control is if the price manages to drop below the grey demand area of 777 SAT. However, ADA might continue to increase if 856 SAT can provide a strong support.
Cardano Price Analysis
As can be seen on the hourly chart, Cardano is trying to resume bullish action above the 900 SAT level, but it appeared the discount is not enough to restart the run. Notwithstanding, it is still likely to retest the 856 SAT – where the grey horizontal line lies.
If the price drops below this grey line, then the next support to keep in mind is 777 SAT. A reversal would play out if the area breaks down.
As said above, Cardano is facing a crucial resistance line. An increase above 947 SAT should provide buyers with more advantage to push towards 1000 SAT in the next leg up.
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Cryptocurrency charts by TradingView.