Cardano managed to climb 120% last week, just behind Ethereum to reach the $ 0.952 level and become the third largest cryptocurrency by market cap.
What has happened recently on the Cardano front
ADA was trading within an ascending price channel until January 2021. Last week, it started to become parabolic and managed to break the upper bound of this price channel.
The cryptocurrency continued to rise on Tuesday, breaking above $ 0.7. Yesterday, it exploded 33% overall as it rose to the resistance level at $ 0.941 (1.618 Fib Extension). Today, it has continued above this resistance and is trading around $ 0.952.
Looking ahead, the initial resistance is at $ 0.989 (1.618 Fib Extension – blue). It is followed by $ 1.00. Beyond $ 1, resistance is 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 hand, initial support lies at $ 0.9. This is followed by 0.789 (0.236 Fib), 0.691 (0.382 Fib) and $ 0.613 (0.5 Fib).
As expected, both the RSI and the Stochastic RSI point to an excessive overbought, suggesting that the bulls may expand a bit too far right now.
- Key Support Levels: $ 0.9, 0.789 and $ 0.691
- Key Resistance Levels: $ 0.989, 1.10 and $ 1.17