September 30, 2022

Cardano Price Analysis: ADA Skyrockets 20% in a Day, Testing $1.9

2 min read

ADA/USD – – Bulls Turn Parabolic Above Price Channel.

Key Support Levels: $1.70, $1.62, $1.50.
Key Resistance Levels: $1.90, $1.97, $2.05.

ADA surged 33% today, which permitted it to break the upper angle of an ascending rate channel it was trading inside. Before the breakout, ADA struggled to break resistance at $1.50, offered by the 100-day MA level.

The breakout came yesterday as ADA shot to resistance at $1.70. Today, it continued to break resistance at a $1.72 (bearish.5 Fib) and reach as high as $1.90, where it satisfied resistance at a bearish.618 Fib Retracement.

This breakout is substantial due to the fact that it shows that the bulls remain in total control of the market and turn parabolic above the rate channel.

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ADA/USD Daily Chart. Source: TradingView.

ADA-USD Short Term Price Prediction Looking ahead, the first resistance lies at $1.90(bearish.618 Fib & June high). This is followed by $1.97 (1.272 Fib Extension),

$ 2.05(1.414 Fib Extension ), and $ 2.17(beairsh.786 Fib). On the other side, the first support lies at $ 1.70. This is followed by $ 1.62 (.236 Fib Retracement), $ 1.50 (100-day MA), and $ 1.414(.5 Fib). The RSI is in overbought conditions as the buyers dominate the

market momentum. The bullish momentum is now the highest it

has been because February 2021. ADA/BTC – ADA Hits Descending Trend Line Resistance Key Support Levels: 3700 SAT,
3440 SAT, 3200 SAT. Secret Resistance Levels: 4000 SAT, 4140 SAT, 4200 SAT.

ADA had a hard time in the very first week of August as it slipped underneath the 20-day MA and was up to 3200 SAT. Fortunately, it rebounded from 3200 SAT the other day to hit the resistance at the 50-day MA at around 3700 SAT.

Today, ADA continued beyond the 20-day MA and hit 4100 SAT to climb up above the 100-day MA level and struck resistance at a long-lasting descending trend line. It has actually given that dropped from the pattern line as it sits around 3950 SAT.

ADA would still require to break the July high around 4200 SAT to turn bullish.

adabtc-aug11new
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ADA/BTC Daily Chart. Source: TradingView. ADA-BTC Short Term Price Prediction

Progressing, the first resistance lies at 4000 SAT (bearish.5 Fib). This is followed by 4140 SAT (1.272 Fib Extension & & falling trend line), 4200 SAT (bearish.618 Fib), and 4430 SAT (1.618 Fib Extension).

On the other side, the first assistance lies at 3700 SAT (50-day MA). This is followed by 3440 SAT (20-day MA), 3200 SAT (weekly assistance), and 3000 SAT.

The RSI just recently climbed up above the midline as the purchasers take control of the market momentum for the first time considering that early July.