Cardano (ADA) price set higher as the weekend begins bucking the previous day’s trend. Cardano’s price has seen significant losses in the short term and is currently trading near the crucial support level. A break of its two stable support levels beyond it could crash swiftly to $0.74.
- Cardano’s (ADA) price trades modestly higher on Friday.
- A bounce off the current foothold at $0.87 is likely to trigger a 25% ascent of $1.
- However, failing to hold $0.80 will invalidate the bullish outlook for the pair.
At the time of writing, ADA/USD is trading at $0.87, up 2.45% for the day. The seventh-largest cryptocurrency by market cap held 24-hour trading volume at $2,521,406,343 as per the CoinMarketCap.
As per the Santiment, Cardano investors with 10,0000 to 100,000 ADA have seen significant growth. However, the blockchain data platform also signaled investors are dumping 100,000 to 1,000,000 ADA.
Source: Trading View
Cardano eyes upside rally
On the daily chart, Cardano (ADA) has lost nearly 28% in the past week and is currently hovering above the $0.85 support level. As ADA attempt to pierce above this level, bulls are likely gathering momentum to push forward.
Source: Trading View
Bulls’ efforts will propel Cardano’s price by 25% to the immediate upside hurdle at $1. The psychological barrier is critical as it puts ADA one step closer to retesting the $1.20 level.
Furthermore, continuous buying momentum could extend the bull’s momentum towards the $1.40 resistance zone.
On the flip side, if Cardano’s price fails to sustain the session’s low then it could further retest the fresh yearly lows of $0.74. A daily close below the mentioned level could open the gates for $0.67.
RSI: The Daily Relative Strength Index (RSI) bounces back from the oversold zone but still remains below the average line.
MACD: The Moving Average Divergence (MACD) remains below midline with a neutral stance.
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