For the first time since 2022, ADA has returned above $1. This impressive performance has made this cryptocurrency the center of attention lately. However, buyers are currently trying to keep the price above this key psychological level. If they succeed, the rally may continue.
Chart by TradingView
2. Strong Buyers are Back
A look at the weekly volume will show that ADA did not experience such demand since the last bull market. This is an excellent news for altcoin holders as it indicates the altcoin season is returning. ADA stands to benefit from this momentum in the coming weeks and months.
Chart by TradingView
3. Momentum is Bullish
Even if the price is consolidating around $1 at the time of this post, the momentum remain bullish as shown by the weekly MACD. As long as the histogram makes higher highs, there are no reasons for this rally to stop.
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.
Chart by TradingView
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.
Chart by TradingView
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.
