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Cardano (ADA) tests critical level of resistance after rallying 10%

Cardano has been one of the top performing cryptocurrencies over the past 24 hours, rallying 10% against its USD trading pair and 8% against Bitcoin.

The surge in price has seen a test of the critical $0.10 level of resistance, which is not only a psychological level but also a technical level dating back to April.

In light of a resurgence in the cryptocurrency markets, Cardano made a 152% move to the upside from March 1 to April 1.

ADAUSD
ADAUSD

It then suffered a 41% correction after touching the $0.10 mark. However, Cardano has remained resilient in spite of the sell-offs by establishing a level of support at around $0.08.

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This level has been used as a platform for subsequent moves to the upside, with Cardano testing $0.10 four times in the past month.

If the eleventh-largest cryptocurrency in terms of market cap can break out of the $0.10 level, a rally to $0.11 and $0.15 could be considered targets to the upside.

RSI
RSI

A bearish scenario would be if Cardano gets rejected from the $0.10 level once again. If this happens, we could see the price of ADA fall to around $0.08, which has confluence with the 200 exponential moving average (EMA) on the daily chart.

There is a degree of bearish divergence on the daily RSI, which also suggests that a rejection from this level is most likely.

In terms of fundamentals, there have been no major announcements coming out of the Cardano camp, however co-founder Charles Hoskinson, who was interviewed by Coin Rivet last year, has been attending numerous conferences over the past few days.

For more news, guides, and cryptocurrency analysis, click here.

The post Cardano (ADA) tests critical level of resistance after rallying 10% appeared first on Coin Rivet.