- Today, Cardano went up by 13.74% gains as buyers continue to show interest.
- The biggest gainer on market cap targets $0.064 in the near term.
- Cardano’s bullish sentiment is still moderate against Bitcoin, awaiting a clear break.
ADA/USD: Cardano is Poised For More Gains After Surging To $0.042
The latest surge in the price of ADA could be traced to the Cardano foundation’s partnership with PwC, a Big Four auditing firm. This collaboration came through as a way of preparing and promoting Cardano blockchain for global use and adoption. Using smart contracts for cross-border payments, Cardano could of course skyrocket in the future as soon as this event begins to take shape.
Key Resistance Levels: $0.055, $0.064, $0.070
Key Support Levels: $0.0463, $0.042, $0.0361
Against the USD, Cardano saw a lot of bullish sentiment over the last 48-hours after gaining momentum from $0.042. While ranked 10th position in terms of market cap, the price of ADA is currently up by 13.74% over the past few hours.
Not just that, Cardano is the most significant gainer amongst the top 20 cryptocurrencies at the moment. The bulls have taken control of the market. The ongoing surge could get more significant if volumes continue to troop into the market. Otherwise, a small retracement could provide room for the bears.
Cardano Price Analysis
Cardano’s price has clearly seen some substantial increase after bouncing back from a five days consolidation cycle. ADA retested the $0.042 level with a wick into the second green support area last weekend. Yesterday, ADA successfully surpassed $0.0463, which now holds as support.
Today, the bullish sentiment was followed by another green candle that almost touched the immediate red area of $0.055. Meanwhile, the price range for the early January break is targeted at $0.064 – the second red resistance area. If the buyers push the price beyond this resistance, Cardano is most likely to hit $0.070 in no time.
Looking at the daily price chart, we can see that Cardano’s volume is increasing by the day. If buyers continue to reinforce setups we can expect a long bullish momentum. If not, a weak momentum could lieu the sellers back in the market.
ADA/BTC: Bullish Sentiment Still Shaky As Wedge Break Is Yet To Confirm
Cardano has continued to reiterate the past weeks of a positive move, which is now setting a tone for the long-term buyers. This bullish sign was restored after yesterday’s notable gains, followed by a long opening today – although the bullish pressure is quite moderate against Bitcoin.
Notwithstanding, the future looks bright for ADA as gains are expected to continue up in the coming days.
Cardano Price Analysis
Cardano is dramatically breaking out of the ascending wedge that was formed since August 2019. But the breakout is not clear enough at the moment. If the current daily candle manages to close well above the wedge, especially beyond the 550SAT level, ADA would target the red resistance zones of 644SAT and 700SAT before making the next major move.
If the price drops back in this wedge, however, Cardano could retest 500SAT level as support. Also, a continuous drive might roll the price back to the wedge’s support of 450SAT level. A breakdown on the wedge would launch ADA in a new bearish phase. But looking at the current price movement, the buyers are just showing interest in this market.
For a long-term bullish confirmation, we need to see a clean break above the wedge. A false break could manifest a serious bearish scenario for Cardano. It’s important to wait for these clear signals before jumping into trades.
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