ADA/USD Records 17% Hike and Trades Towards $0.044 Mark

Cardano has shown its night and fetched the highest increment over the last 24 hours at whopping 17.41%. It crossed a key resistance at $0.040 and went past the point to shine near $0.042. The next week remains very crucial for the ADA coin as per the current price movement.

Cardano Price Analysis

Yesterday, the currency was trading at $0.036594 with upside momentum, and in the next 10 hours, it marked a moderate growth by registering a 4.35% hike. After that, the ADA coin went on to test the next resistance point at $0.042 by 20:45 UTC. From a low of $0.03738, the price escalated to $0.04263 by a huge hike of 14.03%.

After this tremendous escalation, Cardano faced slight regression, and it fell to $0.04063, but It managed to persist the day-long upside trendline. From this price point, over these 3 hours, the ADA price got pumped up by 8.22% and got placed at the highest point of the day at $0.043976.

Cardano’s medium-term outlook appears bullish. As it has struggled a lot during the last week, it has to compensate with quick recovery to hold the command over the ride. After consistently trading above the $0.040, traders may expect a quick busting of the next resistance at $0.044. However, if the ADA price reflects price correction, then, it may find the next support at $0.037.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.