ADA/USD Daily Chart. Source: TradingView.
Key Support Levels: $0.9, $0.789, $0.691.
Key Resistance Levels: $0.989, $1.10, $1.17.
Cardano has been on a mesmerizing run this past week as it managed to soar by 120% to reach the current $0.952 level and become the third-largest cryptocurrency by market cap, just behind Ethereum.
The cryptocurrency had been trading within an ascending price channel through January 2021. Last week, it managed to break the upper boundary of this price channel as it started to turn parabolic.
It managed to continue rising and climb above $0.7 on Tuesday. Yesterday, it exploded by a total of 33% as it surged higher into resistance at $0.941 (1.618 Fib Extension). Today, it has continued further above this resistance and is trading around $0.952.
Looking ahead, the first resistance lies at $0.989 (1.618 Fib Extension – blue). This is closely followed by $1.00. Beyond $1.00, resistance lies at $1.10 (1.618 Fib Extension – purple), $1.17 (1.414 Fib Extension – orange), $1.28 (1.618 Fib Extension – orange), and $1.35.
On the other side, the first support lies at $0.9. This is followed by $0.789 (.236 Fib), $0.691 (.382 Fib), and $0.613 (.5 Fib).
As expected, both the RSI and Stochastic RSI are extremely overbought, indicating the bulls might be slightly overextended right now.
Key Support Levels: 2000 SAT, 1800 SAT, 1660 SAT.
Key Resistance Levels: 2095 SAT, 2240 SAT, 2333 SAT.
ADA is also performing very well against Bitcoin. The coin had started to surge from 1000 SAT at the start of February to reach 1750 SAT by the weekend. It dipped lower from there but found support near 1400 SAT on Tuesday.
It rebounded from there and surged higher yesterday to reach as high as 2095 SAT (1.414 Fib Extnesion). It has since dropped lower and is trading at 2000 SAT.
Looking ahead, the first resistance lies at 2095 SAT. This is followed by 2240 SAT (short term 1.618 Fib Extension), 2333 SAT (1.618 Fib Extension – orange), 2455 SAT, and 2585 SAT (1.414 Fib Extension – blue).
On the other side, the first support lies at 2000 SAT. This is followed by 1800 SAT, 1660 SAT (.382 Fib), 1500 SAT (July 2020 high-day close), and 1385 SAT (.618 Fib).
The RSI is no longer overbought but is still in the bullish favor above 70. This indicates there is room for the market to continue higher still.
