Two days ago, Cardano (ADA) saw an upswing in the $1.1 key support, in sync with the market’s renewed bullish reversal. With today’s opening price, Cardano has shown that it is shooting to break above the $1.2 resistance by starting its trading at a decent price of $1.14. After a few hours, ADA price even went as high as $1.19, as per CoinGecko.
This performance signals that ADA might be able to rise higher and break its resistance level of $1.28. As a result, Cardano might be able to surge even higher and regain the bullish position it had in the past months.
For two weeks, Cardano’s price has been trading between the $1 and $1.12 range, which indicates a momentary consolidation. But, after moments of continuous tugging, the bulls appeared to have won by reestablishing a support level at $1.12.
In January, Cardano had an opening value of $1.3, with the highest value point of $1.6. The last few months saw a downward trend for ADA in contrast to the September 2021 highs of $3.1.
ADA/USDT 1-hr chart (source: TradingView)
In other news, Bitcoin is currently hanging around the value of $42,494.4. Although BTC’s value dipped, now it seems to be getting back up. Meme coin Shiba Inu and Dogecoin surged by as high as 31.5% and 12.1%, respectively.