ADA soared 15% over the past week with a healthy increase after bouncing from the support at $0.932 earlier this week to reclaim above the $0.1 level. ADA also pushed higher against Bitcoin but it is having a hard time with some resistance at 845 SAT which we are reading more about in our latest Cardano ADA news.
Cardano bounced from the support at $0.0932 this week which is why ADA soared by 15%. On the way up, the coin broke above the resistance at $0.1 which is close to the daily candle at the $0.104 resistance yesterday while the bearish 0.382 Fib retracement level provided the resistance. Today, ADA continued higher above the $0.104 and made the pace towards $10.07 where the 2019 highs were set. The cryptocurrency experienced increasing volume in the past few days which only suggests that the coin could have no problem breaking this resistance level.
If the buyers continue above the 2019 highs, the resistance will lie at $0.114 level, and then the resistance is to be expected at $0.12, $0.123, and $0.125. On the other side, the first level of support is lying at $0.104 while below it is set at $0.1 and $0.0974 or $0.09. The RSI is approaching overbought conditions which could only suggest that the market might be a little overextended and could start another correction. The key support levels for ADA are set at 900 SAT, 880 SAT and 810 SAT while the key resistance levels are set at 945 SAT, 1000 SAT and 1050 SAT.
Cardano is performing well against Bitcoin after bouncing from the 850 SAT earlier in the week and reached the current 945 SAT level which is provided by the .236 fib retracement. The resistance level provided trouble for the market during September after ADA managed to bounce from the 6-month old ascending trend line at the end of the month. ADA could not break this resistance but if it continues above from here, the increased bullish moment could help ADA surpass it again.
Once the buyers break above the 945 SAT level, the first level of resistance lies at 1000 SAT which is followed by the 1050 SAT and the 1070 SAT. On the other side, the first level of support is set at 900 SAT while beneath this is set at 880 SAT and 850 SAT. The RSI is above the mid-line which shows bullish momentum on the market but it has room to continue higher.
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