Key highlights:

  • ADA saw a strong 20.8% price explosion today as the coin surges into the $0.285 level.
  • The cryptocurrency has now seen a highly respectable 57% price hike over the past week alone.
  • Against Bitcoin, Cardano fell into 7-month lows in January as it hit 550 SAT. it has since bounced higher to trade above 800 SAT.
Cardano price $0.29
Key ADA resistance levels $0.29, $0.3, $0.308, $0.32, $0.331
Key ADA support levels $0.28, $0.26, $0.251, $0.24, $0.228

*Price at the time of writing

Cardano saw a powerful 57% price surge over the last week of trading as the coin rebounded from the $0.17 level and started to push higher. It quickly broke beyond $0.3 and continued higher until meeting resistance at $0.29 today.

Cardano came a long way in 2020 with a host of developmental updates taking the cryptocurrency further into its roadmap toward decentralization. One of the significant updates in 2020 was Shelly’s introduction, which saw the coin heading into a PoS consensus mechanism toward decentralization. Shelly also introduced staking and delegation into the Cardano blockchain.

Toward the end of the year, Cardano started to roll out some next phase components – dubbed Goguen. This phase will add tokenization, smart contractions, and dApp capabilities to the Cardano blockchain.

In recent news, it seems that Cardano is now ready to start building bridges with other altcoins to bring interoperability to the blockchain. For example, Charles Hoskinson, founder of ADA, announced that they had started preliminary conversations with the Litecoin Foundation to build a bridge with Litecoin.

Cardano is now ranked in the 6th position as it holds a $9.09 billion market cap value.

Let us take a look at the ADA markets and highlight some areas of support and resistance moving forward.

Cardano Coin Price Analysis

What has been going on?

Taking a look at the daily chart above, we can see that ADA started to rally toward the end of November when it surged from $0.1 to reach $0.18 by the end of the month. It moved sideways between $0.18 and $0.14 for the majority of December. However, toward the end of the year, ADA started to move higher again as it headed near $0.2.

The resistance at $0.2 wasn’t penetrated until the early days of 2021. After breaking above $0.2, ADA started to surge significantly, leading to the 57% price hike we saw this week. It reached as high as $0.26 yesterday and continued upward today until resistance was met around $0.29 (1.618 Fib Extension level). 

Cardano is now trading at highs that have not been seen since May 2018.

Cardano price short term prediction: Bullish

As it is trading at 2-year highs, ADA is bullish right now. The coin would need to drop back beneath $0.2 to turn neutral and break further beneath $0.12 (200-day EMA) to turn bearish again.

If the sellers do start to push lower, the first level of support lies at $0.28. This is followed by support at $0.26, $0.251 (.236 Fib), $0.24, and $0.228 (.382 Fib Retracement).

If the bears continue beneath $0.22, added support lies at $0.209 (.5 Fib), $0.20, $0.19 (.618 Fib), and $0.16.

Where Is The Resistance Toward The Upside?

On the other side, the first level of strong resistance lies at $0.3. This is closely followed by resistance at $0.309 – provided by a bearish .786 Fib Retracement level. Additional resistance is found at $0.32 (short term 1.272 Fib Extension), $0.331 (1.272 Fib Extension – purple), and $0.345 (bearish .886 Fib Retracement).

Beyond $0.35, addied resistance is expected at $0.362 (short term 1.618 Fib Extension), $0.28, and $0.287 (1.618 Fib Extension – purple).

What has been going on?

Against Bitcoin, Cardano was struggling heavily since November. The coin managed to surge as high as 995 SAT in November but plummeted in December. By the end of the year, Cardano was trading at the 586 SAT support (November 2020 lows) – provided by a downside 1.272 Fibonacci Extension level.

For the first few days of 2021, ADA slipped further beneath the November 2020 lows. For a moment, it looked like ADA might start the year off on the bearish footing as ADA spiked as low as 510 SAT – where it met support at a downside 1.414 Fibonacci Extension level. Luckily, the buyers quickly regrouped to allow the daily candle to close at the 550 SAT level.

From there, ADA started to push higher over the week. It broke back above 600 SAT and reached the resistance at the 100-day EMA level yesterday – around 760 SAT. Today, ADA continued higher to break resistance at the 200-day EMA, at about 800 SAT, and reach the resistance at 824 SAT – provided by a bearish .618 Fib retracement.

ADA/BTC price short term prediction: Neutral

ADA is still considered to be neutral against BTC. The coin would need to break beyond 1000 SAT to turn bullish again. On the other side, a break beneath 600 SAT is likely to send ADA into another bearish spiral.

If the sellers push lower, support is found at 750 SAT (.236 Fib), 705 SAT (.382 Fib), 667 SAT (.5 Fib), and 630 SAT (.618 Fib).

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance lies at 824 SAT. This is followed by resistance at 950 SAT, 900 SAT (beairsh .786 Fib), 944 SAT (bearish .886 Fib), and 995 SAT (Nov 2020 Highs). Beyond 1000 SAT, added resistance lies at 1030 SAT, 1090 SAT, and 1150 SAT.

Keep up-to-date with the latest ADA predictions here.



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