Cardano Price Analysis: After 45% Weekly Surge, Can ADA Target $3?
ADA/USD: New ATH Above $2.50
Key Support Levels: $2.26, $2.10, $1.98, $1.85.
Key Resistance Levels: $2.52, $2.75, $3.00, $3.20.
While the entire market struggles, as Bitcoin fails to reclaim the $50K mark, ADA managed to surge by almost 50% this week and set a new ATH price at $2.52 earlier today. The cryptocurrency had surged from the 50-day MA at the start of May to meet resistance at around $1.80 last week.
On Thursday, ADA finally broke above to reach the $2 milestone. From there, it continued even higher, and today’s 12.5% surge assisted ADA to surpass $2.5 to set a new ATH. It was not a coincidence, but the $2.5 mark is also the 1.414 Fib Extension level resistance. As of now, ADA/USD retraced a bit towards the $2.35 price. On a weekly timeframe, ADA/USD had gained 45%, according to CoinGecko.
ADA-USD Short Term Price Prediction
Looking ahead, the first resistance lies at $2.52 – the current all-time high. Beyond the ATH, resistance lies at $2.75 (1.618 Fib Extension), $3.00 (1.414 Fib Extension – purple and psychological level), $3.20 (1.618 Fib Extension – purple), and $3.40.
On the other side, the first strong support lies at $2.26 (.236 Fib). This is followed by $2.10 (.382 Fib), $1.98/$2 (.5 Fib), $1.85 (.618 Fib), and $1.60 (20-day MA).
The RSI is approaching overbought conditions as the bulls dominate the market momentum. However, it still has room to push higher before becoming extremely overbought, indicating the market still has room to climb before becoming exhausted.
ADA/BTC: Bulls Reach The 5000 SAT Resistance
Key Support Levels: 4315 SAT, 4000 SAT, 3850 SAT, 3475 SAT.
Key Resistance Levels: 4900 SAT, 5000 SAT, 5500 SAT, 5910 SAT.
ADA is also on a rampage against bitcoin this week as it spikes past 5000 SAT. The coin had been struggling with resistance at 3200 SAT (February 2021 highs) last week but managed to break above it on Thursday.
Since breaking above, ADA ignited to skyrocket each and every day throughout the past week to reach 4000 SAT by Friday. Yesterday, ADA continued to move upward as it broke resistance at 4572 SAT (1.414 Fib Extension). Today, ADA spiked above 5000 SAT but has since dropped into resistance at 4900 SAT (1.618 Fib Extension).
ADA-BTC Short Term Price Prediction
Moving forward, once the bulls break 4900 SAT, the first major resistance lies at 5000 SAT. This is followed by 5500 SAT, 5910 SAT (1.272 Fib Extension), and 6363 SAT (1.414 Fib Extension).
On the other side, the first strong support comes in at 4315 SAT (.236 Fib). This is followed by 4000 SAT, 3850 SAT (.382 Fib), 3475 SAT (.5 Fib), and 3200 SAT (Feb 2021 Highs).
The RSI is currently at the most overbought levels it has been since April 2020. This suggests the buyers might be a little overextended, and the market might need to retrace before continuing higher again.