Cardano [ADA] is undoubtedly the best performing cryptocurrency. The cryptocurrency accrued a whopping 10% gain within the last day and it seems its gaining spree hasn’t come to a stop yet.
As ADA bulls show relentless effort in gaining more in the short term, prices are now nearing a long-held resistance level at $0.09 where major hurdles exist.ADA moved briskly from the $0.07 mark up the charts to the $0.08 level.
While this bullish movement seems impressive, it appears the sellers may soon gain an advantage at an inbound key resistance at $0.09 area. At the moment, however, ADA is trading at $0.079 amid a market capitalization of $2.03 billion.
Also, 24-hour trading volume stands at $291.15 million.ADA price ricocheted the $0.08 level while trying to surpass that resistance point. Selling pressure appears to have a stronghold of that area as the buyers face major difficulty in accruing profits towards $0.09.
In the short term, ADA bulls may have to stay in the game for a better chance to test the resistance again. Major support currently exists at a $0.07 level.
ADA/USD Price Chart
On the 4-hour price chart below, prices appear to have dominated the upper part of the Bollinger band indicator. The major point of support lies immediately above the midline moving average at $0.074. Below this, additional support exists at $0.070 level. If the sellers oppose more gains, the price will find major support at these two key points.
However, a dip below the $0.07 level will cause prices to fall freely towards critical support at $0.06. Although this may not likely be the case.
The bullish scenario looks more probable and promising. A leap beyond the $0.08 level will most likely escort the price towards the next resistance at $0.09.
Further move upwards may see ADA trading at $0.1 for the first time in this quarter of the year. The RSI level is currently at falling towards 50.0. This occurred following a bounce off the 60.0 RSI level. This shows price rejection at the $0.08 level and the bears have taken charge of the market sentiment for a little while.