Cardano and Ethereum appear to have followed Bitcoin’s price increase of above $1,000. Bitcoin rose over $1,000 this morning to reclaim the $30,000 milestone after briefly dipping below $29,500 yesterday night. Of course thanks to Elon Musk.
Cardano’s fundamentals appear to be sound; development on Alonzo is still ongoing, but it’s only around the corner, which might tip the momentum in favor of the bulls and send the price of ADA soaring in the near future. As the project nears completion in August, the Alonzo network enhancement is a crucial milestone.
Cardano price has managed to retake a significant level, saving the asset from further decline. Cardano had a positive start to the day, beginning at $1.15 and soaring to an intraday high of $1.19 before reverting. The altcoin is now priced at $1.17.
Cardano will be attempting to break through strong resistance at $1.23, followed by $1.31 and the important $1.41 levels.
If bulls retest and break above current resistance levels, the next significant barrier will be at $1.84, followed by $2.30 in the long run.
Support levels on the downside are $1.05, $0.95, and $0.87.
While MACD is showing a strong trend, RSI appears to be in the purchase zone as well. The Awesome Oscillator of the 4h chart, signaling a strong buying opportunity as the oscillator moves past the 0 (zero) level. There is a considerable likelihood that the price of ADA will rise.
Using the Directional Movement Index (DMI) on the 4h chart, we can observe that the +DI (green line) is trending upwards after intersecting with the –DI (red line). Which is also hinting towards a significant price rise for ADA.