- Today Cardano is up 13.74% as buyers continued to show interest.
- The biggest winner in market cap is aiming for a short term goal of $ 0.064.
- Cardano’s optimistic sentiment towards Bitcoin is still moderate and awaiting a clear pause.
ADA / USD: Cardano is poised for further gains after rising to $ 0.042
The recent price hike at ADA is due to the Cardano Foundation’s partnership with PwC, an accounting firm of the Big Four. This collaboration served to prepare and promote the Cardano blockchain for worldwide use and introduction. With smart contracts for cross-border payments, Cardano could of course skyrocket in the future as soon as this event takes shape.
ADA / USDT. Source: TradingView
Important resistance levels: $ 0.055, $ 0.064, $ 0.070
Important levels of support: $ 0.0463, $ 0.042, $ 0.0361
Cardano has seen strong upside sentiment versus the USD for the past 48 hours after gaining momentum from $ 0.042. While the price for ADA ranks 10th in terms of market capitalization, the price for ADA is currently up 13.74% in the past few hours.
In addition, Cardano is currently the biggest winner among the top 20 cryptocurrencies. The bulls have taken control of the market. The sustained surge could become more apparent if the volumes continue to hit the market. Otherwise, a small retracement could make room for the bears.
Cardano price analysis
Cardano’s price has risen significantly after a five-day consolidation cycle. ADA tested the $ 0.042 level with a wick again in the second green support area last weekend. Yesterday ADA successfully crossed $ 0.0463, which is now considered support.
Another green candle followed the bullish sentiment today, touching almost the immediate red area of $ 0.055. The price range for the early January break is at $ 0.064 – the second red area of resistance. If buyers push price past this resistance, Cardano will most likely hit $ 0.070 in no time.
A look at the daily price chart shows that Cardano’s volume is increasing day by day. If buyers continue to strengthen their setups, we can expect a long upward momentum. If not, weak momentum could put sellers back on the market.
ADA / BTC: The bullish sentiment is still shaky as the wedge break has yet to be confirmed
Cardano has repeated a positive move in the past few weeks that is now setting the tone for long-term buyers. That bullish sign was restored after yesterday’s remarkable gains, followed by a long open today – although the bullish pressure on Bitcoin is quite moderate.
ADA / BTC. Source: TradingView
Regardless, the future looks bright for ADA as earnings are expected to continue to rise in the coming days.
Cardano price analysis
Cardano is erupting dramatically from the ascending wedge that has formed since August 2019. However, the outbreak is not clear enough right now. If the current daily candle manages to close well above the wedge, particularly past the 550SAT level, ADA will target the red resistance zones 644SAT and 700SAT before taking the next major move.
However, if the price falls behind in that wedge, Cardano could retest the 500SAT level as a support. Continuous drive could also bring the price back to the 450SAT’s wedge support. A collapse of the wedge would put ADA into a new bearish phase. However, given the current price movement, buyers are only showing interest in this market.
For long-term bullish confirmation, we need to see a clean break above the wedge. A false break could create a serious bearish scenario for Cardano. It is important to wait for these clear signals before entering any trades.
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