Cardano’s ADA has seen a stellar performance in the past weeks as the price rallied by roughly 200% to over $1 last week. Losing momentum briefly, it resurged this week but is yet to break higher due to a rejection.

The recent surge in ADA’s price has been remarkable as the price rallied through key resistance levels without any hassle. Despite several bearish interceptions, it has continued to show strength as the bulls commit well.

Following the monthly rally, the trend now appears extremely bullish on the lower timeframe, though things are still looking good as the crypto maintained a higher high and higher low pattern on the 4-hour chart.

Facing a slight rejection in the past hours, ADA failed to push above the previous high and now trades calmly around $1 – its opening price. A daily close below it could trigger a small drop as the market seemed due for a correction from a short-term outlook.

If that happens, we may see a double-top formation as the price may roll back under $0.8. A further surge in volatility should bring more growth before making a pullback.

One of the things to pay attention to right now is the daily volume indicator, which has been falling for weeks. Technically, the price is expected to mirror this volume direction soon.

If ADA breaks up the suppressing $1.154 resistance level, the next rally point would be the $1.25 and $1.4 levels in the near term. Long-term targets are $2, $3 and $4 respectively.

In case of a drop, $0.875 is the level to consider for support. Breaking down this level could roll the price back to the $0.765 and $0.65 levels. $0.6 and $0.522 are lower supports to watch for a deep retracement.

Key Resistance Levels: $1.154, $1.25, $1.4

Key Support Levels: $0.875, $0.765, $0.69

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: niphonsubsri/123RF // Image Effects by Colorcinch

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