The crypto market bull run continues to gain traction as BTC traded to highs above $57k. Cardano has been in an uptrend since the start of February, attaining highs of $0.9820 on Feb 11. However, this was followed by a period of consolidation and minor pullback. Cardano resumed the uptrend on Feb. 15 when it hit support at $0.6862. Cardano steadily climbed higher, trading six days consecutively in the green. Cardano’s breakout occurred today in a single candle as it breached above the $1 psychological level. Cardano has since gained 21.56% in the last 24 hours and 24.40% on a 7-day basis while setting intraday highs of $1.15. At the time of writing, Cardano is exchanging hands at $1.10 as the ADA/USD pair sets for an explosive rally past $1.15. Ranking 5th largest, ADA’s present market capitalization stands at $34.64 billion and a total of $8.05 billion in trade volume over the past 24hrs. Rock Star Gene Simmons endorses Cardano. Simmons, in a series of tweets, hinted at his bullish stance on ADA due to its affordability while confirming his acquisition of $300,000 worth of ADA.
*Cardano resumed the uptrend on Feb. 15 when it hit support at $0.6862
*Cardano is exchanging hands at $1.10 as the ADA/USD pair sets for an explosive rally past $1.15
*Gene Simmons confirmed his acquisition of $300,000 worth of ADA
Resistance Levels: $1.3300, $1.2000, $1.1500
Support Levels: $1.1000, $0.9820, $0.7858
ADA/USD Daily Chart: Bullish
ADA/USD Daily Chart
Cardano (ADA) is gradually approaching its 2018 all-time high of $1.33, nearly 14% within reach. If the bulls can push ADA price beyond $1.15, the ADA/USD pair could rally to new all-time highs past $1.33 and then $1.50. The rising moving averages and the RSI in the positive territory suggest that the bulls are still in command.
Conversely, if the bears defend the resistance at $1.15, the pair may drop to $0.98 support which was formerly resistance, and then $0.785. ADA might consolidate between these two levels for a few days. A break below $0.785 may cause ADA to revisit support at $0.6862. ADA/USD bullish outlook will invalidate if the pair declines below $0.6862. In this case, a retest of the MA 50 at $0.50 may be likely.
ADA/USD 4-Hour Chart: Bullish
ADA/USD 4-Hour Chart
On the 4-hour chart, ADA sits on top of formidable support at the MA 50 ($0.90) which has been consistently defended by the bulls. ADA breakout to highs of $1.15 on Feb. 20 kickstarted from the MA 50 support. On the upside, a sustained break above $1.15 holds the key to an uptrend with target objectives of $1.33 and then $1.5. Because the rally occurred in a quick spurt, ADA left support and resistance levels untested.
On the downside, there is a chance for the bears to take the lead and push Cardano price below the MA 50 Support at $0.90, This breakdown could pull Cardano price down to $0.785, $ 0.6862, and $0.5729 at the MA 200. The ADA/USD pair stays bullish while trading above the $0.90 mark and MA 50 zone.
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