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- Cardano (ADA) is one of the best-performing cryptos over the last 24 hours.
- The altcoin printed a 24-hour gain of 7.41% to beat both BTC and ETH.
- ADA’s price is currently looking to overcome a key resistance level.
The Ethereum-killer Cardano (ADA) is one of the top-performing cryptos on CoinMarketCap’s top 10 list. According to the crypto market tracking website, the price of ADA has risen 7.41% over the last 24 hours. The only top 10 crypto to outperform ADA in the past day is its competitor, Solana (SOL), with its 8.04% 24-hour gain.
ADA has also printed gains against Bitcoin (BTC) and Ethereum (ETH) by 0.88% and 1.91% respectively. Furthermore, ADA’s price currently stands close to its 24-hour high of $0.4065, with the altcoin’s daily low sitting at $0.3783.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price is currently attempting to break above the key $0.4042 resistance level. A break above this level would not only flip the 9-day and 20-day EMA lines into support but will also result in ADA’s price climbing to the next resistance level at $0.4247 in the coming days.
There is a bullish blowhorn pattern present on ADA’s daily chart, which suggests that the altcoin’s price will rise in the coming week. Should this pattern be validated, ADA’s price could rise to as high as $0.4529 in the next week or two.
However, ADA’s price will need to close a daily session above the aforementioned resistance level at $0.4042 before 6 May 2023. Otherwise, the bullish chart pattern will be invalidated and ADA’s price is at risk of dropping back down to around $0.3704.
Technical indicators on ADA’s chart are currently flagging bullish. The daily RSI line is positively sloped towards the overbought territory and is looking to cross above the daily RSI SMA line to trigger a significant bullish flag. In addition, the 9-day EMA is in the process of crossing bullishly above the 20-day EMA line.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
