Cardano (ADA) Is Not Yet Done with Its Continued Price Surge

By Steven Anderson January 30, 2020 Off
cardano ada

Currently, the price of Cardano (ADA) is gaining a bullish sentiment above the resistance level of $0.0526 over the US Dollar. The crypto’s market performance displays a strong uptrend, especially that it is trading at $0.0570. So, it’s no surprise why the ADA bulls gained the courage to attempt testing the $0.600 range and aim for further rally.

What’s the ADA’s Recent Market Performance?

Over the past few days, ADA’s price rests above the support level of $0.042. Then, the ADA/US pair settled above the pivot level of $0.450.

At the moment of price rise, ADA cleared the significant bearish trend line along with the resistance level of $0.0440. What’s more, resistance levels of $0.0505 and $0.526 are even broken.

Interestingly, the ADA/UAD pair traded at $0.0570, which is a new yearly high. The crypto asset found a support level close to the $0.0550 level. Other than that, it currently accords with the Fib retracement level of 23.6% transferring from $0.0498 low towards $0.0570 high.

ADA’s first key support is close to the level of $0.0535 while the Fib retracement degree of 50% transferring from $0.0498 low to $0.0570 high is close to the $0.0535 level. In the case that further losses happen, the price will end up to a pivot level of $0.0526.

If the bulls successfully break the price above the $0.0570 level, then it will gear towards the resistance level of $0.0585 and $0.0600. Above those levels, a rally towards the levels of $0.0615 and $0.0620 is possible in the near term.

What Makes ADA Unstoppable?

Yesterday, while Bitcoin (BTC) is lagging, ADA’s price is growing. In fact, the crypto surges more than 10% over the BTC, making it the highest ADA/BTC pair high in the past eight months.

Following the announcement of Cardano CEO Charles Hoskinson about the partnership with PwC, ADA’s price gradually rises. If you are not familiar with PwC, it is among the world’s top professional services companies with about $4.4 billion global valuations.

The aforementioned partnership will allow PwC to use the blockchain of Cardano for executing its services such as consulting, tax, and insurance. That way, it is expected that the ADA’s price will surge further.

Although PwC will not directly use the ADA token, the company is still interested in using the Cardano blockchain. So, the crypto will increase its exposure.

With the said partnership announcement between the two firms, it’s not surprising why ADA’s price surged by 13.75% yesterday. Besides, it also resulted to an appropriate response from traders while the buying pressure paved ADA to move up further.

Despite being new to crypto space, ADA already grabbed the attention of traders. According to analysts, the crypto can have a bright future, especially that it already gained exposure and about to start a massive partnership. Besides, many traders already placed their hopes to ADA.

Advertisement
Share
  •  
  •  
  •  
  • 1
  •