ADA took the market by storm after rallying 88% in a week.
Key Support levels: $0.60
Key Resistance levels: $0.70, $0.80
1. Buyers Return with a Vengeance
Nothing appears to stop ADA’s rally. It broke one resistance after another and is now found at 62 cents, almost double the price compared to early November! This performance is impressive and comes after ADA’s founder disclosed his plans to work with the US government on crypto-related policy.
2. Strong Rally Without any Pullbacks
The rally that started on November 5th continued until today with no relevant pullbacks. This saw the price make sustained gains for over a week. Whatever selling took place only paused the rally for a short moment. At the time of this post, ADA is above 60 cents, which acts as support.
3. Buy Volume Explodes
A quick look at the volume shows that the last time Cardano saw such buy pressure was in the 2021 bull market. This is great news as it gives a strong bullish signal to the market. If this is sustained, then this cryptocurrency has a good chance to break even higher later on, with 70 cents and 80 cents as key targets.
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