Over the previous 24 hours, the market has shifted to a bearish trend. Bitcoin, the market leader, has reclaimed prior gains and now trades with a 0.05 percent loss, while Ethereum is down 0.44 percent.
Cardano Price Action
The price of ADA continues to rise, with significant gains. This week, the price opened higher and continued to rise, testing the $1.16 mark, which was last reached in February. The significant purchasing pressure is expected to continue since the current price movement was supported by volume.
On the daily chart, the ADA price is consolidating near Thursday’s one-month highs. It is, however, still under pressure below the key $1.20 level. If the bulls maintain their buying momentum, the demand zone between $1.20 and $1.40 could be exploited.
On the upside, a daily finish above $1.20 will give bulls hope that the 200-day EMA (Exponential Moving Average) at $1.30 will be revisited.
A breach below the session’s low, on the other hand, could ignite a new round of selling at the ADA price. The $1.0 level served as the first downward target. An extended sell-off might test the $0.86 horizontal support level.
Analyst charts next levels for ADA Price
Jason Pizzino, an analyst and trader, is looking at the price behaviour of Cardano (ADA), the seventh-largest crypto asset by market cap, which has risen by over 30% in the last week.
Pizzino tells his YouTube subscribers in a new video that Cardano could be in the midst of a relief rally after one of the longest bearish periods in its history.
Cardano’s immediate resistance level, according to the crypto analyst, is around $1.20.
Before Cardano may potentially reverse its downtrend, Pizzino argues ADA needs to draw back and produce a bullish higher-low configuration.
He says that the best-case scenario for ADA at this moment is that if we do hit that downtrend, break it, and then begin to reduce the bleeding, He believes ADA will not see a price lower than $0.75.
He says ADA will return to this area and test some form of pricing in the $0.80 range, possibly up to $1.
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