Amid the latest market surge, ADA saw its major recovery this week as the price broke out from a long consolidation phase. It now appears extremely bullish on the daily chart, having touched a seven-month high.
After subjecting bearish correction to a sideway trend in August, ADA’s price entered a consolidation phase and accumulated for three months.
Following the early week surge that quickly launched the bulls back in the market, the price broke out from the consolidation phase and tapped a seven-month high today – posting roughly 100% gains in a week.
Looking at the surge, ADA is considered strongly bullish on the daily chart but from a technical perspective, it may pull back anytime soon.
However, the major factor contributing to the latest surge in volatility was the viral news that Cardano founder Charle Hoskinson had been appointed as the crypto advisor for the new administration under the newly elected president of the United States, Donald Trump.
This fundamental should drive more adoptions and demand in the next couple of weeks and as a result, a bigger explosion should be expected. As it stands, the market structure has shifted to the upside following the latest bullish move. appears strongly bullish on the daily chart.
ADA’s Key Levels to Watch
If the price continues to surge, Ada may tap $0.624 before dropping back. Higher resistance levels to consider for more increases are $0.684 and $0.8.
While there are no signs of drops yet, the closest pullback levels for a rebound are $0.522, $0.49 and $0.457. If the price drops below it, the $0.416 and $0.392 levels are lower supports to consider for a buyback.
Key Resistance Levels: $0.624, $0.684, $0.8
Key Support Levels: $0.522, $0.49, $0.457
- Price: $0.585
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: moxumbic/123RF // Image Effects by Colorcinch