- ADA/USD sets a new record for highest price at $2.95.
- The coin has descended to retest the $2.47 support level to climb further higher.
- Cardano is now looking likely to hit a new price level at $3.40.
ADA/USD sets a new record for the highest price after it attained the $2.95 price level. It was a bit of a struggle for the coin to subdue the $2.47 resistance level, but the bulls eventually made it through. The $1.50 price level is the turning point at which the bulls infused momentum into the market. Thereafter, the market kept ascending and moving past all the barriers it encountered.
ADA/USD Key Zone
Resistance Zones: $2.47, $2.95, $3.40
Support Zones: $2.25, $1.80, $1.50
ADA/USD Long Term Trend: Bullish
It can be noticed that for every key level that the coin violates, it reaches a higher level. When the coin violated the $1.50 key level, it pushed up to $1.80. From $1.80, it pushed through and got to the previous all-time high, from which ADA/USD sets a new high. The two times when it seemed as though the buyers were losing steam, the market retested its current support and from there push higher.
Having pushed above the former highest level to reach $2.95, the market can be seen to have pulled back to retest its support at $2.47. This is a bullish tactic for the market to violate $2.95 and even attain a higher height with the $3.40 price level now firmly in view. The Relative Strength Index (RSI) shows the price has climbed deeply into the overbought region, but the retest of the coin has brought it below the border.
ADA/USD Short Term Trend: Bearish
The 4-hour chart helps us see that the coin has prominently been using the retest and break strategy to climb higher. Currently, the market has descended to retest the $2.47 support level to climb further higher. The retest has, however, plunged the price below the 50 mark into the selling half of the RSI chart. Buyers have to be careful so that bears don’t step in to exploit the opportunity. If this happens, the market may fall further to $2.25. But all things being equal, ADA/USD will hit a higher price level at $3.40.
Also read: What Are The Advantages Of Cardano (ADA) Cryptocurrency?
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