Crypto Blog
Cardano’s price has been following Bitcoin over the past few weeks but is yet to create a new record high.
On the ADA/USDT chart, the asset has been surging almost vertically, breaking above several resistance levels, including the 200-day moving average, which is a key trend indicator. However, the $1.2 resistance level has been preventing the market from rising further, and the price is consolidating below it at the moment.
While it seemingly creates a head and shoulders pattern, as long as the $0.75 support zone holds, the market structure will remain bullish, and a new record high will be within reach.The Bitcoin-paired chart shows an almost similar picture to that of the ADA/USDT one, with a key difference. The ADA/BTC chart creates the head and shoulders pattern above a significant level, which is the 1000 SAT area.
On the other hand, if the 1000 SAT area holds, a further rally toward the 1500 SAT resistance zone would be very likely in the coming weeks.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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