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ADA Price Analysis: Breakout on ADA/USD Marks 3-Month High at $0.1326 As Cardano New Addresses Spike

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Tomiwabold Olajide

The cryptocurrency market has been on fire lately with BTC breaking past $18,000 and all major Altcoins gaining ground. ADA bottomed at $0.0753 on September 23 as the price failed to clear the barrier at $0.1150. In a bullish move that kickstarted when ADA price bounced from the key support at $0.1025, breakout on ADA/USD marks a 3-month high at $ 0.1326. ADA has been trading in the green for the last two days, gaining 18.23% daily and 25.87% on a seven-day basis. At the time of writing, ADA/USD is trading at $0.1292, after setting intraday highs of 0.1326, a level last traded since August 21. The market cap is ranked 10th on the Coinmarketcap table and currently stands at $4.04 billion, with $1.25 billion in trade volume over the past 24 hours. IntoTheBlock’s “Daily Active Addresses” model reveals Cardano’s new addresses have spiked with more than 7,000 new addresses joining the network daily.

*ADA bottomed at $0.0753 on September 23 as the price failed to clear the barrier at $0.1150
*ADA has been trading in the green for the last two days, gaining 18.23% daily and 25.87% on a seven-day basis
*At the time of writing, ADA/USD is trading at $0.1292, after setting intraday highs of 0.1326, a level last traded since August 21

Key Levels
Resistance Levels: $0.1719, 0.1520, $0.1326
Support Levels: $0.1150, $0.1000, $0.0890

ADA/USD Daily Chart: Bullish

ADA/USD Daily Chart

On the daily chart, ADA rebounded from the $0.1025 level at the MA 50 support, climbing past the key resistance at $0.1150 to highs of $0.1326. The upsloping moving averages and the RSI in the positive zone suggest that bulls have the upper hand. A sustainable move above $0.1326 may cause the pair to retest the key resistance at $0.1520 and ultimately its late July high of $0.1719.

On the flip side, if the pair turns down from the resistance above $0.1326, a range-bound action may ensue for a few days. A breach below $0.1025 at the daily MA 50 will invalidate the bullish outlook and bring $0.098 at the MA 200 into focus.

ADA/USD 4-Hour Chart: Ranging

ADA/USD 4-Hour Chart

After a short consolidation, ADA resumed its recovery on Nov. 20, regaining losses during the prior sell-off. A strong move above the MA 50 close at $0.1055 created a bullish drive which pushes the price to highs of $0.1317. Sellers’ pressure is seen at $0.1326, however, support is envisaged at $0.1225 slightly below where it trades.

Immense selling pressure may cause ADA to test the MA 50 support at $0.1078 and $0.1037 at the MA 200 support. On the upside, a sustained move past $0.1326 will bring further upside gains. The ADA/USD pair is only bullish while trading above the $0.1150 level, key resistance is found at the $0.1326 and the $0.1520 levels. If the ADA/USD pair trades below the $0.1150 level, sellers may test the $0.1000 and $0.0890 levels.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

The post ADA Price Analysis: Breakout on ADA/USD Marks 3-Month High at $0.1326 As Cardano New Addresses Spike appeared first on Latest Crypto News.

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