The price of ADA has found strong support at $0.85 and is now poised to launch a relief rally.
ADA has fallen below a significant support level of $0.85, and the price is now eager to climb back up to the $1 resistance level. Although the cryptocurrency is unlikely to break above it, market players may soon see a rise towards it.
Following the recent decline, volume is increasing, and buyers appear to have returned to ADA. As for the technical indicators, Before the price turned around, the daily RSI was on the verge of reaching oversold levels. The RSI is currently rapidly increasing. The daily MACD is still bearish, but if the bullish momentum picks up, the moving averages might see a positive crossover. That would reverse the current pricing trend.
At the time of writing, ADA price is trading at $0.87. The key support level is at $0.85 and the Key resistance levels are at $1 and $1.1. Currently, the bias is neutral. The indicators point to bullishness, but it’s too soon to bet on it.
Big Cardano News incoming!
Bitrue, a popular cryptocurrency exchange, recently tweeted that its “major Cardano news” is still in the works
Bitrue had previously stated that it would make a special announcement shortly after the SUNDAE listing to highlight its “true” support for Cardano.
In other news, Bitrue has announced that the next phase of Cardano (ADA) support will begin on February 24. With the debut of OccamFi, Bitrue has been a vocal supporter of Cardano’s effort to be the first trading platform to permit the trade of Cardano native assets.
In addition, gunnercooke, a law practice in the United Kingdom, has stated that it is now accepting cryptocurrencies like Bitcoin, Ethereum, and Cardano as payment for legal and professional services, claiming to be the first major law firm in the country to do so. Coinpass, a cryptocurrency exchange located in the United Kingdom, has partnered with gunnercooke to make the transfers feasible.