Cardano is making a modest comeback, rising 6% on the day amid broader market optimism. Here’s what to look out for in the coming months for ADA.
ADA/USD – Buyers Return to $1.88 Support
$$2.00, $1.88, and $1.80 are the key support levels. The key resistance levels are $2.20, $2.40, and $2.50.
Since finding support at $2.00 yesterday, ADA has risen by a total of 6% in the last 24 hours. On Monday, the cryptocurrency fell below the 50-day moving average and dropped further on Tuesday until it found support at $1.88, which was provided by a 1.414 Fib Extension.
When the daily candle closed, the buyers regrouped at $1.88, allowing them to push toward $2.00. Yesterday, ADA rose from $2.00 to more than $2.20. It must now break the September descending trend line before attempting the 50-day moving average around $2.40.
Price Prediction for the ADA-USD in the Short Term
In the near future, the first point of resistance will be around $2.20. (falling trend line). This is followed by $2.40 (bearish.382 Fib & 50-day MA), $2.50 (20-day MA), and $2.68 (bearish.382 Fib & 50-day MA) (bearish .618 Fib).
The first strong support, on the other hand, is at $2.00. This is followed by $1.88 (downside 1.414 Fib Extension), $1.80 (100-day MA), $1.75 (.786 Fib), and $1.60 (upside 1.414 Fib Extension) (200-day MA).
The RSI is returning to the midpoint, indicating that the bearish momentum may be fading.
ADA/BTC – ADA Returns to 4800 SAT Support.
5000 SAT, 4800 SAT, 4715 SAT are the key support levels. 5200 SAT, 5500 SAT, 6000 SAT are the key resistance levels.
ADA is also on the mend against BTC, having broken above the 50-day MA to sit above 5000 SAT. Last week, the cryptocurrency fell below 5000 SAT and continued to fall below the 50-day MA on Sunday, reaching support at 4800 SAT.
The market held 4800 SAT early this week before surging above the 50-day MA and 5000 SAT yesterday to reach as high as 5200 SAT. It has since returned to 5000 SAT.
Price Prediction for ADA-BTC in the Short Term
Looking ahead, the first point of resistance is located at 5200 SAT (20-day MA). This is followed by the 5500, 6000, and 6300 SAT (1.272 Fib Extension).
On the other hand, the first support is located at 5000 SAT (50-day MA). This is followed by the 4800 SAT, the 4714 SAT (.5 Fib0, the 4500 SAT, and the 4350 SAT (.618 Fib & 100-day MA).
The RSI remains below the midline and was recently rejected from it, indicating that the bears are still attempting to push below 5000 SAT.