Cardano overtook Tezos as the 10th biggest cryptocurrency after recording gains by 7% to reach $0.0917 in two days as the bulls remain in charge. The ADA price is now facing a crucial resistance line on the hourly charts as we are reading further in our Cardano ADA news.
Cardano saw an impressive spike in the price of almost 20% to reach a three-month high of $0.087 on Binance. The price surge was led by a break above the major $0.07 resistance which contained the yearly high previously. After bitcoin’s price dump to $9200, Cardano peaked slightly below $0.08 and tested the previous break level. Still, it bounced back with a double bottom formation close to the $0.074 price range as indicated on the hourly charts. The 7% recovery saw the price recorded gains to a new daily high of $0.0916 so now Cardano overtook Tezos as the 10th biggest cryptocurrency in terms of market cap.
Before reaching the price range, Cardano would have to push above the high of $0.0917 followed by a key level at $0.095 but is currently buying pressure while being suspended as it pullbacks close to the support. There’s the support of $0.0821 and the next level to watch is $0.074 on the charts. In case of a breakdown, the price could drop to $0.07 once again or lower. Positive actions can be seen in the next few hours as long as the trading volume continues to increase so ADA looks bullish and the price is facing the crucial resistance line on the hourly charts.
Against Bitcoin, Cardano’s price is bullish in the short-term perspective but the price has continued to struggle under the yellow rising trend line which bounced back from the 777 SAT level. After touching the 947 SAT today, ADA got rejected and dropped to where it now consolidating around the 900 SAT while the interesting thing here is that the buyers are still showing commitment. The only condition for another bearish comeback is if the price manages to drop below the demand area of 777 SAT. ADA could increase more if 856 SAT provides stronger support.
Cardano is trying to resume bullish action above the 900 SAT but it seems that the discount is not enough to restart the run. It is still possible that ADA will retest the 856 SAT where the grey horizontal line lies.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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