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ADA/USD: Will Cardano Breach $3 Before a Larger Correction?

Key Support Levels: $2.85, $2.60, $2.35, $2.15.

Key Resistance Levels: $2.95 – $3, $3.20, $3.42.

So far, ADA is up by a whopping 135% (data by CoinGecko) over the past month of trading as the ADA cryptocurrency surges beyond the previous $2.55 ATH and sets a new one today at $2.95, according to CoinGecko. This is also where lies the 1.272 Fib Extension resistance.

The cryptocurrency surged to $2.40 last week and continued beyond the previous ATH yesterday after breaching $2.60. Then, ADA made a huge price move towards the $3 mark, so far, with no luck of reaching it.

The market is truly under parabolic conditions, and there are now hints of bearish divergence as price action makes higher highs while the RSI fails to make a new high. From the other side – “the trend is your friend” – hence, a parabolic move under price discovery conditions (price never traded at those levels before) can last even longer, past the $3 mark.

adausd-aug23-min
ADA/USD Daily Chart. Source: TradingView.

ADA-USD Short Term Price Prediction

Looking ahead, the first resistance now lies at $2.95 (ATH), together with the $3 psychological resistance. Beyond $3, further resistance lies at $3.20 (1.414 Fib Extension – orange), $3.42 (1.272 Fib Extension – purple), and $3.66 (1.414 Fib Extension – purple).

On the other side, the first support now lies at $2.85 (tested over the past hours), $2.60 (.236 Fib). This is followed by $2.35 (.382 Fib), $2.15 (.5 Fib), and $2.00 (20-day MA & .618 Fib).

As mentioned, the RSI is showing bearish divergence. Additionally, it is in extremely overbought conditions, indicating the buyers might be a little overextended. So a larger correction might take place sometime soon.

ADA/BTC: ADA Sets New 6000 SAT ATH Against Bitcoin

Key Support Levels: 5800, 5500 SAT, 5220 SAT, 5000 SAT.

Key Resistance Levels: 6000 SAT, 6300 SAT, 6870 SAT.

ADA also set a new ATH price against BTC today as it hit 5990 SAT on Binance. The coin first breached the previous 5050 SAT ATH at the end of last week but ended up dipping back beneath 5000 SAT on Saturday.

Yesterday, ADA quickly recovered and stormed back above 5000 SAT to meet 5500 SAT. The surge continued today as ADA met the resistance at 1.618 Fib Extension as it set the new ATH price.

ADA/BTC Daily Chart. Source: TradingView.

ADA-BTC Short Term Price Prediction

Moving forward, the first resistance lies at 6000 SAT, which is the current ATH. This is followed by 6300 SAT (1.272 Fib Extension – purple), 6540 SAT (1.414 Fib Extension – purple), and 6870 SAT (1.618 Fib Extension – purple).

On the other side, the first support lies at 5500 SAT. This is followed by 5220 SAT (.236 Fib), 5000 SAT, and 4825 SAT (.382 Fib).

Interestingly, there is no bearish divergence in the ADA/BTC pair. In addition, the RSI is still not yet extremely overbought, indicating the buyers might have some more steam to continue to drive higher the price of Cardano against Bitcoin.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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