The price of Cardano's native token, ADA, increased by roughly 9% in the second week of the new year. After a month-long fall, ADA has increased for the second week in a row. Since the beginning of 2023, the price of the Cardano coin has increased by over 33%.
Cardano's price has risen above $0.250 against the dollar, comparable to bitcoin. If the ADA price breaks through the $0.350 resistance, it might gain bullish momentum. Cardano's price began a steady rise against the US dollar this week, starting at $0.2380. The ADA/USD pair gained momentum as it moved above the $0.250 and $0.270 resistance levels.
It even surpassed the $0.280 level and the 100 hourly simple moving average. The price moved well above the 38.20% Fib retracement level of the decline from the $0.3460 swing high to the $0.2392 low. After breaching the $0.280 level the price is facing resistance near $0.300. The price consolidated below $.300. After breaching the $0.300 resistance ADA breach the level with large volume and the price retest the major resistance as well as top of falling channel line. After the spike the price is consolidating some pressure.
On the hourly chart, ADA is trading in a Bullish Flag pattern. The price is currently trading above $0.300 as well as the 50 hourly simple moving average.
On the upside, an immediate resistance level is approaching $0.332. The next significant resistance is at $0.350. On the 4-hours chart, a falling channel line resistance is seen. A clear break over the $0.350 resistance level might trigger a significant increase. In the aforementioned scenario, the price may move towards the $0.380 barrier. Any further rises might push the price close to the $0.400-$0.420 level.
If the ADA price does not break past the $0.350 barrier level, a downward correction is likely. On the downside, an immediate support level is at $0.310. The next significant support is at $0.295. A clear fall below the $0.295 level might push the price down to the $0.280 level. Any more losses might push the price down to the $0.265 support. A breach below $0.265 might signal the start of a fresh decline towards $0.240 in the coming days.
According to Price Analysis, the market capitalization of this ADA is expected to be $11,115,012,488. The coin's 24-hour trading volume is nearly $865,012,778. The market capitalization of ADA has risen by 55.25%. However, trading volume increased by 480.01% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $0.3320-$0.3500
SUPPORT LEVEL : $0.3100-$0.3000
The year 2023 began with a positive beginning. Cardano, appears to have already hit a bottom and is up 33%. Will ADA break over the $.3500 barrier, or will some profit booking be expected? Please write your valuable ideas below the comment box.