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Cardano (ADA) Targets 0.50 USD With Little Resistance in Front of It.

February 2, 2021


Talking Points:

● ADA price targets a 30% upswing as the vital supply level at 0.35 USD is cleared.

● ADA price must hold above the 0.35 USD support level to continue its upswing, failure could see the bullish sentiment wane away.

ADA broke through the consolidation pattern as it rallied by over 15% yesterday. The continued bullish momentum could drive ADA’s market value towards 0.50 USD as several indicators turn bullish.

ADA Targets Higher Highs.

After going through a consolidation period over the past couple of weeks, ADA’s price appears to be on the brink of a breakout. The emergence of a symmetrical triangle on ADA’s 12-hour chart implies that a rise in volatility could see it move by 30% in either way.

Luckily for the bulls, the recent increase in buying pressure was more than enough to drive ADA through the 0.35 USD resistance line, which only confirmed the bullish outlook.

For now, a continuation of the upswing is more than likely, as long as ADA continues to trade over the 0.35 USD support level and the 50 twelve-hour exponential moving average (EMA).

ADA/USDT 12-hour chart:

Adding additional support to the bullish outlook is a large increase in daily active addresses. Over 19,000 new addresses are joining the market today, a 30% upswing in the past week. Such behavior indicates that investors are interested in buying ADA at the current price.

However, a failure to continue trading over the 0.35 USD support level and the 50 twelve-hour EMA could put a holt to the bullish momentum and could trigger a swift correction driving ADA‘s price back towards the 100 or even the 200 twelve hour EMA.

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