While Bitcoin continues to struggle to strongly resume its trend, other cryptocurrencies have taken the opportunity to stand out. Such is the case with Cardano (ADA), who has just achieved a new all-time high.
At the time of this writing, ADA is trading at $ 1.6980, accumulating a gain of 4.91% in the last 24 hours and 24.68% in the last 7 days.
In addition to the general positivism of the market, some fundamental factors that have driven the price of this cryptocurrency include: recent trade partnerships such as the one made with the Ethiopian government and the hope that its network can support smart contracts, news recently touted by the creator. by Cardano, Charles Hoskinson.
If you want to find out where the ADA price is heading in the short term, you should read the technical analysis I do below.
With yesterday’s jump, Cardano managed to overcome the closest and most relevant resistance, located at $ 1.4880.
Thanks to this, now this cryptocurrency has resumed its medium-term trend, one that was asleep for several weeks, resting after a strong bullish rally.
Now ADA is ready to go higher, and as long as the support at $ 1.0524 remains intact, there is no need to think about selling.
The momentum is just beginning, let’s see where it is likely to go next.
When we look at the monthly chart we realize that the recent high of Cardano (ADA) is signifying the resumption of the long-term trend, which fell back towards the 38.20% Fibonacci to complete a healthy correction.
Now the price is looking for the -27% Fibonacci, which yields a price target of $ 1.8971. Higher up, the next goal is at $ 2.3776.
But knowing the great force that the price brings, it is possible that these objectives fall short, however they can be good places for profit taking.
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