ADA witnesses a 50% price surge over the past month reaching $0.139 as well as reaching a 2-year high over the weekend. Following our latest cardano crypto news today, we take a closer look at the price analysis.
Against Bitcoin, ADA rebounded from 1150 as the bulls started pushing higher. The ADA/USD bulls tried to rebound from the $0.13 support while setting potential key support levels at $0.13, $0.124, $0.12, and key resistance levels at $0.148, $0.15, and $0.155. Cardano was surging over the past three months as it increased by a whopping 180% and this price hike allowed Cardano to reach the number 6th position with a market cap of $4.36 billion.
The coin started trading at $0.09 in July and over the month, ADA pushed higher and reached $0.15 by the end of July to reach a 2-year high. ADA Witnesses a 50% surge in the most month but it was unable to overcome the resistance and made it roll over and drop as low as $0.13 over the weekend. ADA attempted to break the resistance of $0.148 yesterday but the volatility proved to be too strong as the coin dropped to $0.13 and rebounded slightly at $0.138. The last thing to know is the fact that Cardano has been trading within the pitchfork formation in the past two months which provides fantastic areas of support and resistance when the market is trending like this asset is right now.
If the buyers are able to push higher, the first level of resistance to overcome lies at $0.148 and if the bulls continue above the $0.15 level, the new resistance lies at $0.155, $0.16, and $0.164. on the other side, the first level of support lies at $0.13 while beneath it the support can be found at $0.124. The RSI rebounded slightly from the 50 line after falling from an overbought condition which only shows that the buyers are unwilling to give up their control of the momentum on the market. Additionally, the Stochastic RSI is primed for a bullish crossover signal that could push the market higher.
Cardano has been performing well against Bitcoin in the past months and it started July by the 900 SAT as it began to push higher. At the end of July, ADA reached as high as $1600 sAT while more specifically ADA was unable to break the 1500 SAT resistance.
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