Despite some pullbacks in the cryptocurrency market, Cardano (ADA) has been trading amazingly over the last few weeks. Cardano, presently the tenth largest cryptocurrency on the market, has dropped by more than 0.5 percent in the past 24 hours. Cardano is also priced at $0.0821 at the time of writing with a steady market cap of over $2.1 billion. After a previous dive on June 15, the upside range persists on ADA/USD around mid $0.08 amidst bullish traction that is emerging. Messari Chief, Ryan Selkis explores the possibility of Cardano’s ascent to fifth-largest cryptocurrency stating that the third-largest to tenth-largest cryptocurrencies will be replaced by other assets in 2021, within the top ten. Charles Hoskinson, the founder of Cardano, said in a recent interview that the growth of Cardano depends on it trouncing out other blockchains while discussing the upgrade to Shelly.
*Cardano is also priced at $0.0821 at the time of writing with a steady market cap over $2.1 billion
*After a previous dive on June 15, upside range persists on ADA/USD around mid $0.08 amidst bullish traction that is emerging
*Messari Chief, Ryan Selkis explores the possibility of Cardano ascending to fifth-largest cryptocurrency
Key Levels
Resistance Levels: $0.0100, $0.0936, $0.0880
Support Levels: $0.0761, $0.0657, $0.0550
ADA/USD Daily ChartADA/USD exchanges beyond the ascending trendline. The price is in bulls’ grip, based on the daily range gap between the MA 50 and the MA 200. Indicators like the RSI point towards a sideways action. If breaks emerge into the scenario, ADA/USD may feel safe at $0.0625, the main MA 50 line at $0.0700, the convergence created by the horizontal support line at $0.0500, and the ascending trendline support.
While maintaining the uptrend toward $0.10 has become incredibly hard, the turnaround that occurred during the market plunge of June 15 has been held beyond $0.0700. ADA/USD bulls upside-range have persisted around mid-$0.08 since Monday this week. The price is in bulls’ grip. The RSI inched closer to the overbought area to demonstrate that bulls are in the pilot’s seat.
ADA/USD 4-Hour ChartCardano’s price candles were noticed on the 4-hour time frame to swing between the MA 5 and the horizontal line around the level at $0.0818, which is supposed to be released in the next few days. Following the same, a breakout toward the upside is anticipated. If, as projected by the moving averages, a bullish breach materializes, ADA may ascend to $0.0880 all the way.
When ADA/USD sellers breach through the support level of $0.0761 then there may be a slump toward the technical area of $0.0700. The ADA/USD pair is only bullish whilst also trading beyond level $0.0818, key resistance is discovered at levels $0.0850 and $0.0880. Once the ADA/USD pair exchanges beneath the level of $0.0700, sellers may test the support levels of $0.0625 and $0.0550.
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