The cryptocurrency market has slowed down after an explosive weekend as BTC dips beneath $27,000. Like most Altcoins, Cardano (ADA) felt the pressure of the Bitcoin bull market and the paucity of capital. However, Cardano remains up both on the daily and weekly time frames, recording YTD returns of 380%. The smart contract asset has managed to secure several critical support levels while bulls on ADA/USD launch an assault at $0.20. Cardano (ADA) traded to intraday highs of $0.1984 before a momentary pause. The market cap is ranked 7th on the Coinmarketcap table and currently stands at $5.89 billion, with $2.71 billion in trade volume over the past 24 hours. Cardano (ADA) presently trades at $0.1865 having gained 11.50% daily and 20.19% on weekly basis. Cardano joins BTC and ETH in wolfram integration. Through the partnership, Cardano data will be integrated into Wolfram’s leading technology and knowledge base, Wolfram Alpha. Eric Czuleger from IOHK commented on this recent development stating this is just the beginning of an “exciting new partnership.”
*Cardano (ADA) traded to intraday highs of $0.1984
*Cardano (ADA) presently trades at $0.1865 having gained 11.50% on the daily and 20.19% on weekly
*Cardano joins BTC and ETH in wolfram integration
Key Levels
Resistance Levels: $0.2200, $0.2150, $0.2000
Support Levels: $0.1720, $0.1455, $0.1150
ADA/USD Daily ChartCardano (ADA) broke out of its consolidation range on Dec. 24 when it rebounded off the $0.13 support. The RSI in the positive territory may suggest that the bulls have the upper hand. ADA bulls were able to push and sustain the price above the $0.1720 to $0.1935 resistance zone. A sustained breach above $0.20 would see the continuation of the uptrend on the ADA/USD pair to rally towards $0.2150 and then to $0.25.
Beyond this, ADA faces practically no resistance above. On the other hand, if the pair turns down from its current levels, it could consolidate a while before a southward move to $0.1720. In case of further declines, support is envisaged at $0.1455 situated at the MA 50, $0.1250 level, and $0.1115 located beneath the MA 200.
ADA/USD 4 Hour ChartOn the 4 hour chart, Cardano bulls were able to push the price above the MA 50 and MA 200 turning the two into support levels. However, ADA needs to crack $0.20 to see further breakout as its momentum slowed down considerably on approaching this key level. Once this hurdle is breached, ADA would most likely get driven towards $0.2150.
On the flip side, bears would need to drive Cardano’s price below the two moving averages to have any chance of pushing ADA towards $0.1455. A break below the primary support level of $0.13 would take ADA down to $0.1250 and then $0.1115. The ADA/USD pair is only bullish while trading above the $0.15 mark, key resistance is found at the $0.20 and the $0.2150 levels.
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