Cardano’s ADA Tries To Hold Crucial $0.7 Resistance: Analysis

Cardano’s ADA tries to hold onto the crucial $0.7 resistance level after it created a fresh 7-month price high and increased by more than 5 percent to reach a price of $0.72. The cryptocurrency experienced strong growth over the past 30-days and even surged by 82 percent as per the Cardano latest news.

It even created a fresh 7 month high against Bitcoin and now Cardano’s ADA tries to break above the 650 SAT level. Cardano has seen a very strong price increase since it rebounded from $0.033 in January and it later increased by more than 122 percent as the year started, entering a price resistance level of $0.072 which was provided with a bearish .618 Fib retracement. The cryptocurrency is now trying to stay above the $0.070 as the bears push it down because of the major resistance. The altcoin is trading within a strong bullish condition and has to drop beneath $0.049 in order for it to be invalidated.

If the buyers try to boost ADA above $0.07 and enter the previously mentioned resistance at $0.0726, they will meet even higher resistance at $0.075 and $0.080. Above this, additional resistance will be met at $0.083 and $0.090. As per the Cardano news today, we can see that strong support is forming at $0.065 and beneath this, more support lies at $0.055. The RSI is trading in an overbought position that was not seen since September 2019 and a pullback has to be expected soon to bring the momentum to a sustainable level. Cardano even surged after rebounding from the 455 SAT support level during January and climbed further above the 100-days EMA until it found support at 620 SAT.

The cryptocurrency broke past this resistance during the trading session yesterday and it continued to climb higher to meet the resistance at a bearish level at .382 Fibonacci Retracement level at 695 SAT. Cardano was bullish even since it managed to climb above the 545 SAT resistance and had a little bit of a hard time, especially for the bulls so now it has to drop back beneath this position for the bullish trend to go neutral again. If the bulls break the resistance again and reach 700 SAT, the immediate resistance will be expected at 722 SAT or 762 SAT. Towards the downside, initial support lies at 620 SAT and more support lies at 600 SAT.