ADA Price Analysis – February 8
The Cardano (ADA) is rising to a crucial resistance level at $0.060 and at the same time approaching the upper boundary of the channel.
Resistance levels: $0.068, $0.070, $0.072
Support levels: $0.055, $0.053, $0.051
Today, ADA/USD price is noted to be $0.060 and it has recorded a surge of over 1.40% in the last 24 hours moving from $0.056 to $0.061. It may move past $0.062 in the coming days and may take another week to start trading above $0.065 level. The lowest recorded price that ADA has touched in the last few days was $0.053. This coming week, Cardano price may trade between the range of $0.056 and $0.063.
However, ADA has been following an uptrend for some time but today; the price started moving towards the upper boundary of the channel. The bulls are making an effort to push the price towards the resistance levels of $0.058, $0.070 and $0.072. Meanwhile, the support levels to watch are $0.055, $0.053 and $0.051. The RSI (14) signal lines move in the same direction within the overbought zone.
Taking a look at ADA against BTC, we can easily see that the coin has been unstable since the beginning of this month, but presently, the price action has recently managed to break above the channel to reach the resistance level at 630 SAT. Any effort by the buyers to move further may likely push the price to the resistance level of 650 SAT and above.
In other words, if Cardano crosses down below the 21 periods EMA, the market is expected to reach the support zones of 570 SAT and 530 SAT price levels. Meanwhile, the RSI (14) indicator confirms that the market is indecisive at the time of writing as it may start following a sideways movement.
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