RATE Group | Cardano (ADA) Bulls Outpaces Bitcoin: Here’s What Could Propel It to $0.06
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Cardano (ADA) Bulls Outpaces Bitcoin: Here’s What Could Propel It to $0.06

29 Jan Cardano (ADA) Bulls Outpaces Bitcoin: Here’s What Could Propel It to $0.06

Posted at 05:31h in Bitcoin News by

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Cardano rallied more than 12% and outpaced bitcoin’s 5% rise. ADA price is now trading well above $0.0500 and it could continue to rise towards the $0.0600 resistance area.

  • ADA price started a strong rise after it broke a major resistance near $0.0465 against the US dollar.
  • The price rallied above the $0.0500 and $0.0520 resistance levels.
  • There was a break above a key contracting triangle with resistance near $0.0440 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
  • The pair is likely to rise further towards the $0.0600 and $0.0620 resistance levels in the near term.

Cardano Bulls In Control

This past week, cardano formed a strong support base near the $0.0410 level. Later, ADA started a slow and steady rise above the $0.0420 resistance area.

Finally, it broke the $0.0440 and $0.0450 resistance levels to start a strong upward move. Moreover, there was a break above a key contracting triangle with resistance near $0.0440 on the 4-hours chart of the ADA/USD pair.

Cardano (ADA)

Cardano…

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