In the face of broader market challenges, Cardano has managed to break away from the trend, establishing a new all-time high (ATH) today. ADA surpassed its previous record of $1.20, reaching a high of $1.49. While the market experienced some sideways movement due to Bitcoin’s weakness, Cardano maintained its position, finding support at $0.95 from a short-term upward trendline.
Cardano’s bullish momentum gained momentum on Wednesday after it bounced from this support level, pushing the price to its new ATH. Although there was a slight retreat from the peak, ADA is now trading at $1.38, maintaining its bullish sentiment.
Looking forward, the first resistance level to watch is the ATH at $1.49, followed by $1.56 (1.414 Fib), $1.61 (1.272 Fib), $1.70, $1.75, and $1.80 (1.618 Fib). On the downside, initial support is found at $1.30, followed by $1.22, $1.10, and $1.07.
Even though the RSI is in the overbought zone, it still has room for further growth, indicating that the bullish trend may extend beyond $1.50.
Cardano has been showing exceptional performance relative to Bitcoin, overcoming significant resistance levels. On Wednesday, ADA moved above 2100 SAT and continued to climb, reaching new highs. Today, it broke above 3000 SAT, setting a fresh 2021 peak at 3194 SAT before retracting slightly to around 2950 SAT.
Looking ahead, the first resistance is found at 3000 SAT, followed by 3194 SAT (today’s high), 3450 SAT (1.618 Fib), and 3660 SAT (1.272 Fib). Beyond these levels, resistance can be found at 3800 SAT and 3900 SAT, with key resistance at 4000 SAT and 4245 SAT.
Support is located at 2800 SAT, with additional support at 2660 SAT, 2330 SAT, and 2200 SAT. While the RSI is currently in overbought territory, there is still potential for further upward movement, suggesting that Cardano could continue to rise against Bitcoin.
