- 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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?