The crypto market is mostly painted green, BTC is gradually recovering after plunging to $34k lows. Cardano had an impressive rally to highs of $0.3882 at the start of 2021. After a notable dip to $0.2263, bulls bought it and managed to drive ADA/USD price past $0.37 again. The sixth-largest asset is on the move, gaining 16.94% on the daily and 11.85% weekly. At the time of writing, Cardano is exchanging hands at $0.3483 after reaching intraday highs of $0.3707. Cardano’s total market cap now stands at $11.26 billion with a trading volume of $4.02 billion in the past 24 hours. Cardano wants to help Twitter decentralize social media. Charles Hoskinson, head of IOHK, and Cardano merely hinted at plans along these lines this week in response to Twitter CEO Jack Dorsey’s tweets. Twitter is currently in the process of building Bluesky, a decentralized social media standard first announced in December 2019.
*Cardano had an impressive rally to highs of $0.3882 at the start of 2021
*Cardano is exchanging hands at $0.3483 after reaching intraday highs of $0.3707
*Cardano wants to help Twitter decentralize social media
Key Levels
Resistance Levels: $0.4200, $0.4000, $0.3882
Support Levels: $0.2599, $0.2000, $0.1500
ADA/USD Daily Chart: Bullish
ADA/USD Daily Chart
On the daily chart, Cardano bulls bought the dip on January 10, pushing the smart contract from a low of $0.2639 to highs of $0.3702 today. The rising moving averages and the RSI in the positive territory indicate bulls have the upper hand. On the upside, bulls are working to overcome the selling pressure at $0.3702.
A break above $0.3702 could push the price to the $0.40 resistance level. On the contrary, ADA bullish outlook will be invalidated if the price turns down from the current levels and breaks below the 0.2263 support. Such a move could pull the price to the MA 50 support at $0.2000.
ADA/USD 4-Hour Chart: Bullish
ADA/USD 4-Hour Chart
On the 4-hour chart, Cardano’s price has established a short-term resistance range between $0.3586 and $0.3700. A breakout above this point can quickly start to push the digital asset towards $0.40 and beyond. On the contrary, if the price turns down from the present level due to increased selling. Cardano bulls can find a robust support area between $0.32 and $0.30 which coincides with the MA 50.
There is another support range between $0.2750 and $0.2263. However, losing this crucial support level would be a notable bearish sign capable of pulling ADA down to the support at $0.2144 coinciding with the MA 200. The ADA/USD pair is only bullish while trading above the $0.30 mark, key resistance is found at the $0.37 and 0.40 levels.
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