It has been a week of volatility, characterized by massive selloffs across the various corners of the crypto market. BTC struggles to hold gains above $50K while a majority of Altcoins are presently trading down. Despite the prevailing market selloff, Cardano (ADA) is enjoying impressive gains amid increased buying. On Feb. 24, Cardano bulls resumed the uptrend following a correction from the previous yearly high at $1.23. ADA/USD climbs higher to new yearly highs of $1.2603, marking three days of bullish action. Cardano has since gained 8.15% in the last 24 hours and 21.08% on a 7-day basis. With a market capitalization of $34.89 billion and a total of $11.83 billion in trade volume over the past 24hrs, Cardano has secured fourth place on the CoinMarketCap table. At the time of writing, ADA is exchanging hands at $1.2110, having reached intraday highs of $1.2603. As stated in a recent release, Dubai Fund FD7 Ventures will sell over $750 million worth of Bitcoin in March to buy Cardano. The fund’s net assets of over $1 billion are mostly in Bitcoin. However, its executives believe the asset has served its purpose and newer blockchains such as Cardano are a better bet.
*Cardano bulls resumed the uptrend following a correction from the previous yearly high at $1.23
*ADA is exchanging hands at $1.2110, having reached intraday highs of $1.2603
*Dubai Fund FD7 Ventures will sell over $750 million worth of Bitcoin in March to buy Cardano
Key Levels
Resistance Levels: $1.4000, $1.3300, $1.2603
Support Levels: $1.0275, $0.8081, $0.6822
ADA/USD Daily Chart: Bullish
ADA began its ascent after hitting lows of $0.80 on Feb. 23. The smart contract asset is climbing higher, while making advances towards its Jan. 2018 of $1.33. Just one more push from the bulls could cause ADA to retest its all-time high of $1.33 and then $1.50. Both moving averages are sloping up and the RSI stays well in positive territory. This suggests an advantage to the bulls.
On the contrary, ADA bullish view will be negated if the price turns down and breaks below $0.8081. Such a move could pull the ADA/USD pair down to $0.6822. The robust support at $0.60 located at the MA 50 may serve as a backstop for further declines.
ADA/USD 4-Hour Chart: Bullish
ADA surmounted the resistance at the previous yearly high of $1.21 to trend higher. Cardano bumped into subtle resistance at the $1.25 mark which was flipped and may sustain its advance for ADA to retest its $1.33 all-time high. Once this is achieved, the ADA/USD pair may gain momentum to $1.50 and $1.70.
On the flip side, if the price turns down from current levels, a retest of the MA 50 support at $1.03 may be on the cards. If this caves in, ADA may revisit support at $0.8081. Cardano sits on a robust support range between $0.68 and $0.70 coinciding with the MA 200. The ADA/USD pair stays bullish while trading above the $1.02 mark and MA 50 zone.
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