2021-03-17 13:30:00

ADA Price Analysis – Cardano Set to Outperform BTC Again?

Cardano, after hitting ATH of $1.5 plummeted 30% or more has entered a consolidation phase around $1. ADA experienced resistance by selling pressure and concentration of Bitcoin’s rise. Cardano outperformed Bitcoin once in the first week of March. However, it lost its momentum and slipped into a descending trend until March 17, 2021. 

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On 17th March, ADA Price broke out of the descending triangle. It was held down by strong resistance at $1.2, and support at $1.0. It seems like bulls finally won the battle, breaking the crucial resistance levels and reaching $1.29 levels. While penning this article down, ADA was consolidating and was looking healthy at $1.235 levels with 20% returns. 

The chart clearly indicates price action taking over. What is more interesting is that the rise in the levels of ADA is observed at a time when Bitcoin is consolidating at $54k after hitting ATH levels of $61k. The volumes of trades of ADA exceeded $8.75 Billion worth of transactions in the last 24 hours. 

ADA Boasts a market capitalization of $40,011,956,845 and is ranked third in all the cryptocurrencies. Fibo Retracement levels show the chart resorting and holding between 0.5 and 0.61 levels. A strong buying sentiment was also observed as represented by the MACD indicator. 

ADA Price

RSI(14) levels were being held at around 50, showing significant room for volume dominated momentum. Moving averages show a good intraday trade perspective, but when looking at day charts, the indicators show neutrality. 

There is a strong possibility that the value of ADA will hold above $1.2 forming a small consolidation triangle and may blast to $1.5. It can also cross the $1.5 levels, and can hit $1.8 if the uptrend continues. 

On the contrary, if there is an acute reversal, the value has multiple support levels at $1.2, $1.0 and $0.9 respectively. But the previous ATH will act as a resistance level, hence it is an important level to watch.

  • Support levels: $1.2, $1.0 and $0.9.
  • Resistances: $1.3 and $1.5.
  • RSI(14): 50-55
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