Cardano Price Analysis: ADA/USD Stalls Above $1.20 Level; What are the Next Targets?

ADA Price Analysis – March 3

ADA/USD is consolidating around $0.080 after recording a 1.44% gain. Buying pressure may bring the market back towards the channel.

ADA/USD Market

Key Levels:

Resistance levels: $1.5, $1.6, $1.7

Support levels: $1.0, $0.9, $0.8

ADAUSD – Daily Chart

ADA/USD is trying to rise above the 9-day moving average after the fall of a couple of days ago, reaching $1.31 and approaching major resistance at $1.4. The current price trend suggests a growth momentum in the coming days. Meanwhile, ADA is trading at $1.24 as the coin remains above the moving averages.

What to Expect from Cardano (ADA)

If the coin can experience an increasing volume coupled with a bullish regroup, ADA/USD may start to correct gain significantly on the upside. Otherwise, the bear pressure may likely become severe with more losses. However, the next level of resistance lies at $1.5, $1.6, and $1.7.

In the opposite direction, ADA price may roll back to $1.0, $0.9, and $0.8 support levels if the bears step back into the market. The RSI (14) indicator makes a quick bullish turn within the overbought region which may likely give more positive signals in the nearest term.

ADA/BTC Market: Keeps the Upward Movement

When compares with Bitcoin, the market is seen crossing below the 9-day moving average and within the ascending wedge channel as revealed in the daily chart. Should the price break above the upper side of the channel, the market may experience an upward trend which may likely touch the nearest resistance level at 3000 SAT and above.

ADABTC – Daily Chart

Meanwhile, if ADA price keeps moving towards the south, it may likely reach the support at 2000 SAT and below. However, the technical indicator RSI (14) confirms the downtrend as the market moves below 60-level which may give more bearish signals in the next negative movements.