As major altcoins posted minor losses earlier today following a slight drop in Bitcoin’s price, ADA continued to show signs of strength with another 15% gain in the last 24 hours.
The start of the year has been impressive for ADA, as it surged through the $0.9 level after staying calm for over a week. That brought a halt in the four-week correction, and as we can see on the price chart, the bulls are slowly stepping back in their actions.
Though the latest surge in volatility has yet to confirm with a break. While anticipating, the $1.3 level is an important resistance to watch on the way up. A successful break above it should trigger a massive rally.
The early drop in Bitcoin’s price today was a bit worrisome as most altcoins currently paint minor loss, but ADA defied the odds as it kept rising Looking at the setup, the price remains strong on a daily scale.
If ADA loses grip above $1, the price may pull back to the $0.9 level before regaining strength. A continuous breakdown from there could cause serious panic selling in the short-term.
As of now, the bears are off the market. If they step back to resume correction, ADA may plummet into the $0.52 range before locating a threshold for a rebound. But currently, the bulls are taking charge.
ADA’s Key Levels to Watch
Source: Tradingview
Moving higher, ADA may encounter resistance at the $1.18 level before reclaiming the $1.32 high, where it initiated drops last month. Crossing over this high could stir a surge to the $1.5 level in no time.
A sudden drop from the current trading level could send us back to the $0.9 support. Failure to bounce back may result in a dip to $0.765. The lower level to watch for drops is $0.69.
Key Resistance Levels: $1.18, $1.32, $1.5
Key Support Levels: $0.9, $0.765, $0.69
- Price: $1.1
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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