Cardano (ADA) Is Closer To Becoming 3rd-Largest Crypto After Surging 120% in a Week
Solomon Odunayo
3 min read
Cardano (ADA) has been displaying a magnificent price uptrend since this past week, managing to spike over 120% to reach the current $0.95 area and closer to becoming the third-largest cryptocurrency by market cap, behind its biggest rival Ethereum (ETH).
Throughout January 2021, the cryptocurrency traded within an ascending price channel. The digital token managed to break the upper boundary of this price channel as it started to turn parabolic.
Read Also: Charles Hoskinson Explains Why Cardano Is Better Designed Than Buterin’s Ethereum 2.0
It managed to continue the uptrend above $0.7 on Tuesday. About 24 hours ago, Cardano (ADA) exploded by a total of 33%, surging higher into resistance at $0.941 (1.618 Fib Extension). Today, the cryptocurrency has forged ahead to beat the resistance, and now trading around $0.95.
ADA-USD Short Term Price Prediction
Looking ahead, the first resistance lies at $0.989 (1.618 Fib Extension – blue). This is closely followed by $1.00. Beyond $1.00, resistance lies at $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 side, the first support lies at $0.9. This is followed by $0.789 (.236 Fib), $0.691 (.382 Fib), and $0.613 (.5 Fib).
Read Also: Cardano Treasury Hits $189 Million, Now More than Ethereum Treasury; ADA Is Coming To Celsius
As expected, both the RSI and Stochastic RSI are extremely overbought, indicating the bulls might be slightly overextended right now.
ADA/BTC – Bulls Breach 2000 SAT Resistance.
ADA is also performing very well against Bitcoin. The coin had started to surge from 1000 SAT at the start of February to reach 1750 SAT by the weekend. It dipped lower from there but found support near 1400 SAT on Tuesday.
It rebounded from there and surged higher yesterday to reach as high as 2095 SAT (1.414 Fib Extension). It has since dropped lower and is trading at 2000 SAT.
ADA-BTC Short Term Price Prediction
Looking ahead, the first resistance lies at 2095 SAT. This is followed by 2240 SAT (short term 1.618 Fib Extension), 2333 SAT (1.618 Fib Extension – orange), 2455 SAT, and 2585 SAT (1.414 Fib Extension – blue).
Read Also: Cardano (ADA) Will Outperform Ethereum 2.0 in DeFi Space –Charles Hoskinson
On the other side, the first support lies at 2000 SAT. This is followed by 1800 SAT, 1660 SAT (.382 Fib), 1500 SAT (July 2020 high-day close), and 1385 SAT (.618 Fib).
The RSI is no longer overbought but is still in the bullish favor above 70. This indicates there is room for the market to continue higher still.
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