CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$47,353.00
  • ethereum
    ETH$1,483.68
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Price Analysis » Cardano Price Analysis: ADA Soars 15% Over The Past Week – Will Bulls Continue Higher?

    Cardano Price Analysis: ADA Soars 15% Over The Past Week – Will Bulls Continue Higher?

    Author: Yaz Sheikh

    Last Updated Oct 11, 2020 @ 11:25

    ADA saw a healthy 15% 7-day price increase after it bounced from the support at $0.0932 (.5 Fib) earlier this week to reclaim above $0.1. ADA also pushed higher against Bitcoin but is struggling with some resistance at 945 SAT – provided by a bearish .236 Fib Retracement

    ADA/USD – New Monthly High and Attempt Break Above 2019 Highs

    Key Support Levels: $0.104, $0.1, $0.0974.

    Key Resistance Levels: $0.114, $0.12, $0.123.

    Cardano bounced from the support at $0.0932 (.5 Fib Retracement) this week, which allowed it to surge by 15%. On the way up, ADA broke above resistance at $0.1 to close the daily candle at the $0.104 resistance yesterday. A bearish .382 Fib Retracement level provided this resistance.

    Today, ADA continued higher above $0.104 as it makes its pace toward $1.07, where lies the 2019 highs. The cryptocurrency experienced increasing volume over the past few days, suggesting that ADA should have no problem breaking the aforementioned resistance.

    adausd-oct11
    ADA/USD Daily Chart. Source: TradingView

    ADA-USD Short Term Price Prediction

    Looking ahead, if the buyers continue above the 2019 highs, resistance first lies at $0.114 (bearish .5 Fib Retracement). Following this, resistance is expected at $0.12 (1.414 Fib Extension), $0.123 (bearish .618 Fib Retracement), and $0.125 (1.618 Fib Extension & September highs).

    On the other side, the first level of support lies at $0.104. Beneath this, support is located at $0.1, $0.0974 (.382 Fib Retracement), $0.0932 (.5 Fib Retracement), and $0.09.

    The RSI is now approaching overbought conditions, which could suggest the market might be a little overextended, and set for a correction.

    ADA/BTC – Cardano Facing Resistance at Bearish .236 Fib Retracement

    Key Support Levels: 900 SAT, 880 SAT, 810 SAT.

    Key Resistance Levels: 945 SAT, 1000 SAT, 1050 SAT.

    Cardano is also performing relatively well against Bitcoin after it bounced from 850 SAT earlier in the week to reach the current 945 SAT level – provided by a bearish .236 Fib Retracement.

    This resistance level provided trouble for the market during September after ADA bounced from a 6-month-old ascending trend line toward the end of the month. Unfortunately, ADA could not break this resistance in September but should now continue above here with the increased bullish moment present within the market.

    adabtc-oct11
    ADA/BTC Daily Chart. Source: TradingView

    ADA-BTC Short Term Price Prediction

    Once the buyers break above the 945 SAT level, the first level of resistance lies at 1000 SAT. This is followed by resistance at 1050 SAT (1.272 Fib Extension), 1070 SAT (bearish .382 Fib Retracement), and 1100 SAT.

    On the other side, the first level of support lies at 900 SAT. Beneath this, support lies at 880 SAT, 850 SAT, 810 SAT, and 800 SAT (rising trend line).

    The RSI is above the mid-line to indicate bullish momentum in the market, but it still has room to continue higher before becoming overbought.

    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Cardano (ADA) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

  • bitcoin
    BTC$47,353.00
  • ethereum
    ETH$1,483.68
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!