Cardano saw a strong 10.5% price increase today, climbing to $ 1.56. Against Bitcoin, ADA broke through the symmetrical triangle pattern to climb above 2300 SAT.
- ADA / USD – Bulls move new ATH sink above $ 1.50
- Key Support Levels: $ 1.37, $ 1.20, $ 1.15.
- Key Resistance Levels: $ 1.56, $ 1.62, $ 1.69.
Cardano saw a strong 17% price increase this week, allowing the cryptocurrency to eventually break $ 1.50 and set a new ATH for $ 1.56.
Before this price move, ADA had a hard time closing a daily candle above $ 1.37 (1.414 Fib Extension). It reversed from $ 1.37 towards mid-March and fell until support was found on an ascending trend line.
In the first few days of April, ADA formed a strong support at $ 1.15 as it started to rise again. The $ 1.37 resistance has not been entered until yesterday because the ADA has risen to $ 1.40. Today, it continued above $ 1.40 to climb as high as $ 1.56 and met resistance at $ 1.56 (1.414 Fib Extension – purple).
ADA-USD short term price prediction
Looking ahead, initial resistance lies at $ 1.56. Above this comes $ 1.62 (short term 1.272 Fib Extension), $ 1.69 (short term 1.414 Fib Extension) and $ 1.74 (1.618 Fib Extension – purple). Additional resistance lies at $ 1.80 and $ 1.95.
On the other hand, initial support lies at $ 1.37. This is followed by $ 1.20, $ 1.15 (0.382 Fib) and $ 1.00.
The RSI has reached overbought conditions, but there is still room to go higher before it is overbought. This suggests that the market can be expected to rise higher before stopping again.
- ADA / BTC – Bulls burst above consolidation model
- Key Support Levels: 2200 SAT, 2000 SAT, 1800 SAT.
- Key Resistance Levels: 2456 SAT, 2645 SAT, 2800 SAT.
ADA against Bitcoin has been trading in a symmetrical triangle pattern since early March. He attempted to rise above the triangle three times in March and tried to enter the triangle twice more in the first few days of April – all of which failed.
The break did not take place until Monday, after the ADA broke through the lower bound of the triangle on Sunday to reach 2200 SAT on Monday. The coin has continued to rise to break the 2300 SAT in the past few days and rise to the 2400 SAT today.
The upward break is the first signal that the market is ready to go for another bull run ahead.
ADA – BTC Short Term Price Prediction
Looking ahead, the first strong resistance is at SAT 2456 (July 2018 High Day Closing price). This is followed by 2645 SAT (bearish .618 Fib), 2800 SAT and 2888 SAT (bearish .786 Fib).
On the other hand, initial support is available at 2200 SAT. This is followed by the 2000 SAT (50-day EMA), 1800 SAT (.618 Fib) and 1600 SAT (July 2020 High).
The RSI did not fully comply with the overbought conditions here, but it is firmly on the bulls’ side. There is still room to continue higher before being overbought.