Cardano is on a positive move as its price rises to intraday highs of $1.60. At the time of publication, ADA was exchanging hands at $1.534, up 10.10% in the last 24 hours and 37.02% in the last 7 days. Recent developments including DeFi, non-fungible tokens, and the metaverse, as well as progress on scaling, are likely contributing to the optimism around the Cardano blockchain. Pavia has become the First Metaverse project on Cardano. SundaeSwap and the ISO will be launching on the evening of Thursday, January 20th as a fully-functional beta decentralized exchange (DEX), the project says. Cryptoanalyst, Lark Davis reported that Cardano (ADA) was the number two blockchain in transaction volume after Bitcoin (BTC). Cardano also rose ahead of Ethereum in terms of transaction volumes as reported by Messari.
Key Levels
Resistance Levels: $2.10, $1.90, $1.60
Support Levels: $1.35, $1.18, $1.00
ADA/USD Daily ChartADA steadily rose to as high as $1.607 on the daily chart as market players focused on nothing but positive news. A close above the MA 50 at $1.35 remains a bullish sign. Sentiment remains upbeat and the bulls are keen to buy the dip in case of a pullback. Momentum indicators are also supporting a positive bias as the RSI is located above its 50 neutral mark.
A breach above $1.75 would clear the path to the MA 200 at $1.82. Further rise is expected on a breach of the MA 200 as this might target the $2.40 and then $2.80 level. On the flip side, if the price breaks below its MA 50 currently at $1.35, negative forces might resurface, sending the ADA price to test the $1.20 and then $1.14 levels.
ADA/USD 4-Hour ChartADA is attempting to conquer the immediate barricade shaped by the $1.60 level after an impressive rise since Jan. 10. That said, the moving averages (MAs) are defending the uptrend from the $1.07 low. If buyers pilot north of the $1.60 barrier, ADA price may aim for the $2 psychological number.
Should buying interest intensify further, the ADA/USD pair could then pursue the $2.50-$3 range. On the flip side, if the market proves overbought, support could be found at the $1.43 or $1.35 level before sellers eye the MA 200 currently at $1.31. An overbought RSI may cause a temporary dip where bulls may reenter the market.
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