Cardano (ADA), currently the 12th largest digital asset with a current market value of $1.3 billion, has bounced off recent falls and was trading at $0.0515 at the time of writing. ADA/USD hit a recent bottom at $0.0457 on Wednesday amid significant cryptocurrency sell-off. Another highlight is that Cardano is becoming the best CC in the world, said Charles Hoskinson, telling members of the Cardano community that Jormungandr 0.8.12 was released with notable improvements.
* Recently, ADA/USD has shown excellent results, increasing by 60% since the beginning of the year
* Charles Hoskinson announces Cardano to become best CC In the world
* ADA/USD is recovering from a recent low, bulls may continue to stretch
Key Levels
Resistance Levels: $0.0728, $0.0600, $0.0550
Support Levels: $0.0457, $0.0370, $0.0298
ADA/USD has recently been one of the leaders lately, but momentum may decline slightly. On the daily chart above, the price rebounded from its recent low at $0.0457, a volume below indicates that bullish pressure has declined in recent days.
Technically, a break of the price level of $0.0550 will energize the bulls, but it is difficult to understand how the market will react at the psychological level of $0.060, as the price may respond to pullbacks, while the bears are taking a breather.
With an intraday bias, the recovery is limited to the levels of $0.0550. Near the 50 and 200 moving average intersections. This short-term resistance is strengthened by horizontal price levels on the same line.
Once broken, the upward potential will probably gain force with the next concentration at the psychological level of $0.060, which coincides with the last consolidation channel’s upper limit. The first support, however, is $0.0457 at the test level. The bearish pressure can increase and the price can drop to $0.0400 if this support is broken.
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