Lorenzo Stroe
Independent Analyst
- Cardano price is on the verge of a massive breakout as the entire market turned bullish.
- The digital asset needs to crack a critical resistance level located at $0.173.
Bitcoin had a massive breakout towards $23,800 for the first time ever and it seems to be dragging the market with it. Cardano price is up by only 13% since Wednesday, which means bulls still have a lot of room to the upside.
Cardano price needs to climb above $0.173 to reach a new 2020 high
Cardano has established a crucial resistance level at $0.173, which has been tested several times since November 24. This is the final resistance point before a new 2020 high above $0.183.
ADA/USD 12-hour chart
Bulls should have the upper hand as the entire cryptocurrency market has turned bullish thanks to Bitcoin reaching new all-time highs. Since the price action for ADA hasn’t been as crazy as that of BTC – leaving the RSI below overextension levels, – the bullish outlook has more credence.
ADA IOMAP chart
Additionally, the In/Out of the Money Around Price (IOMAP) chart shows practically no resistance above $0.16 up until $0.193, which again adds strength to the bulls. The most significant support area seems to be located between $0.153 and $0.158.
Bears need to see a rejection from the resistance level at $0.173 and a breakdown below the support range mentioned above for Cardano price to dive towards $0.14 in the short-term.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SHIB whale demand plunges as Solana memes dominate
Shiba Inu price opened trading at $0.000026 on Wednesday, its lowest opening price in 20 days dating back to November 29. On-chain data shows SHIB token struggling to attract whale demand as Solana memes dominate social channels.
Bitcoin edges down ahead Fed decision
Bitcoin price edges slightly down, trading around $104,100 ahead of the US Fed decision on interest rates on Wednesday. Ki Young Ju, founder of CryptoQuant, highlights that BlackRock’s Bitcoin spot ETF nearly doubled the Asset Under Management of its Gold ETF in under a year.
Altcoins Cardano and Avalanche poised for double-digit correction
Cardano and Avalanche prices continue to trade down on Wednesday after correcting more than 7% and 8%, respectively, so far this week. The technical outlook and on-chain metrics for both altcoins suggest the continuation of the pullback.
Ripple's XRP struggles near $2.58 resistance as investors realize $1.5 billion in profits
Ripple is up 3% on Wednesday after witnessing significant profit-taking among its investors following the launch of the RLUSD stablecoin. Whales have soaked up the selling pressure from profit-takers as XRP struggles near the $2.58 resistance level.
Bitcoin: BTC reclaims $100K mark
Bitcoin briefly dipped below $94,000 earlier this week but recovered strongly, stabilizing around the $100,000 mark by Friday. Despite these mixed sentiments this week, institutional demand remained strong, adding $1.72 billion until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.