Cardano’s ADA starts monthly opening on a bullish note with an increase of 13% over the past few hours so let’s check the price analysis in our Cardano ADA news.
The ADA price is increasing after the huge daily buying volume and against Bitcoin, ADA surged again after gaining 11.11% again. The key resistance levels for ADA are set on $0.095, $0.97, and $0.1 while the key support levels are set at $0.082, $0.75, and $0.064.
The price of Cardano is up by 12.50% in the past few hours because of the market recovery that has been going on. It started to gain strength since it reached the $0.064 level where the green arrow started forming. The price is now breaking out of a triangle pattern after the steady push from the $0.075 level which suppressed the buying pressure for the past month now. The current 4-hour candle closes above the triangle which validates a fresh bullish cycle for Cardano and it might not last if the sellers show more interest.
Looking at the pattern form a technical side, the strong bullish action can even take place in the next few days which is why it is essential to watch out for a pullback. After breaking from the triangle, the price reached $0.095 and dropped shortly to around $0.0933 against the US dollar. If the price continues to increase and retakes the daily peak, the new high can be set at $0.97 or $0.1 in the upcoming days. A slow breakout could send the price to $0.082 and it could encounter the grey demand zone at $0.075 if the price crashes further. The mid-July bearish exhaustion at $0.064 remains the last defense line for the bulls.
As ADA starts monthly opening on a bullish bias, Cardano surpassed the last month high of $947 and recorded a new daily high above 1017 SAT about a few hours ago. Then, the price dropped to abut 1007 SAT at the time of writing. In the meantime, another increase happened around 843 SAT but it became important after the first breaking out of the ascending triangle on Monday. The breakout could even be the starting point of a second Cardano wave as buying volume keeps on increasing.
If ADA’s price drops, another pullback can be expected to about 900 SAT where the price saw a two-day consolidation, before going bullish again. The price is also likely to increase to 1100 SAT if the buyers continue to step into the market.
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