Cardano is one of the biggest cryptocurrencies by market capitalization and is one of the top 7 Cryptocurrencies. At the start of the weekend, though some big Altcoins were on the move, Cardano (ADA) began the day extremely strong taking its price from a low $0.1218 level to an intraday $0.1423 high. The recovery from the $0.1149 low last week activated bulls at $0.1423 on ADA/USD registering fresh 2020 highs. ADA’s price action tumbled beneath a $0.13 price level at some point, signifying a surge in volatility. However, ADA/USD is moving at $0.1376, at the time of publishing. Cardano Foundation and Swiss-based Fintech (Lykke) collaborates on the initiatives that will leverage the former’s blockchain technology. As per the news, once authorized Cardano Foundation will offer innovative market access to boost the financial services of Lykke Corp on the Cardano blockchain.
*The recovery from the $0.1149 low last week activated bulls at $0.1423 on ADA/USD registering fresh 2020 highs
*ADA’s price action tumbled beneath $0.13 price level at some point, signifying a surge in volatility
*Cardano Foundation and Swiss-based Fintech (Lykke) collaborates on the initiatives that will leverage the former’s blockchain technology
Resistance Levels: $0.1600, $0.1514, $0.1423
Support Levels: $0.1267, $0.1100, $0.1000
ADA/USD Daily Chart: Bullish
ADA/USD Daily Chart
All through the meantime, ADA/USD bulls began the day extremely high with the price rising from $0.122 low to $0.1423, now far from its daily MA 50 and MA 200. The difference between MA 50 and MA 200 is increasing, showing rising price volatility. The RSI indicates that market momentum is close to overbought levels and it’s currently tilted to the upside.
Since Cardano tested $0.14, decreases and convergence controlled its market. Besides, the bulls have now crossed the convergence region to hold on to higher support as they will now seek to take over the $0.1423 level of resistance to continue the upward push. On the downside, we have decent levels of support at $0.1267 and $0.1149 horizontal lines.
ADA/USD 4-Hour Chart: Bullish
ADA/USD 4-Hour Chart
In the short and medium-term, Cardano seems steadily bullish as the sixth-largest cryptocurrency continues to gain traction beyond the convergence zone at a $0.1267 level. ADA/USD bulls seem to target outside the upside channel range of 4 hours, around the level of $0.1360.
In the higher time frame, a bearish double top trend would also be invalidated if the ADA/USD pair approaches the level of $0.1423. The ADA/USD pair is just bullish while exchanging beyond the level of $0.1100, key resistance is discovered at levels of $0.1408 and $0.1514. Whenever the ADA/USD pair exchanges beneath the $0.1267 level, sellers may test the support levels of $0.1149 and $0.1100.
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