Cardano has risen about 10% in the last 24 hours and could soon reach a new all-time high of $ 2.
The cryptocurrency market has performed well over the past 24 hours, with Ethereum hitting a new all-time high above $ 4,300. Cardano (ADA) overcame the $ 1.80 mark in a rally and reached almost a new all-time high before retreating slightly.
While it is a great achievement to trade close to the highs above $ 1.80, this also led to the cryptocurrency slumping to $ 1.60 yesterday. However, volatility should be expected near the all-time high. Since ADA touched the lows yesterday, prices have picked up again and could soon rise to a new all-time high.
Card₳no “Moon” Dan 🇺🇸 🇯🇵 🇪🇹 🇹🇿 (@CardanoDan) May 10, 2021
ADA is among the cryptocurrencies with the best performance of the past week. The ADA / USD pair is trading around $ 1.80, very close to its all-time high of $ 1.83. If the current trend continues, ADA could soon overcome the resistance point at $ 1.82 and head towards a new all-time high.
4-Hour chart ADA / USD. Source:Coinalyze
ADA is already close to the resistance and can hold the courses in this area. This could strengthen the confidence of the bulls and lead to another strong buying wave. The MACD indicates another strong buying wave on the horizon,while the RSI tends to overbought above 61. The ongoing rally could push Cardano above the $ 2 mark, putting the cryptocurrency in a duel with Dogecoin for fourth place by market capitalization.
However, if ADA fails to overcome the psychological point at $ 1.82, a sell-off would be possible, causing the price to fall into the $ 1.64 range. Unless there is a major sell-off, ADA should be able to easily defend the large level of support at $ 1.52. At the moment, a push above $ 1.82 could give the bulls the momentum they need to finally reach the $ 2 mark.