Cardano (ADA) had a very profitable Tuesday session, which put the Ethereum killer on CoinMarketCap’s list of “trending” cryptocurrencies. Cardano’s price went up by 12.22% in the last day, and it’s now gone up by more than 13% in the last week. This change in attitude makes it possible for ADA to reach $0.50 for the first time since September.
The way investors feel about the altcoin also seems to paint a bright picture. Even though the weekly Input-Output Hong Kong (IOHK) numbers didn’t give much hope, a pickup is a pickup, and ADA adoption has helped ADA catch up with the rest of the market.
Related: China pulled down Asian stocks, and UK inflation is on the radar.
The news that Citadel completed its first transaction with ADA on its telemedicine platform is thought to be one reason why ADA’s price went up. The day before, ADA fell to $0.330, which was a new low for 2022. The fact that Cardano NFT volume hit an all-time high on Saturday is another thing that helps ADA.
ADA/USD daily chart (source: Binance)
In the next few days, ADA needs to stay away from the pivot at $0.391 if it wants to reach $0.426, which is the first major resistance level. If the price of ADA moves above $0.417, it could mean that another bullish session is coming.
If the rally lasts for a long time, the second major level of resistance at $0.451 is likely to come into play. The next major level of resistance will be at $0.51.
This morning, the EMA and ADA 4-hourly charts sent a bullish signal. If ADA can stay above the 200-day exponential moving average, which is currently at $0.398, the price could go up to $0.426.
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Related: In a transaction, Cardano’s eUTXO sends 16,164 ADA to 217 addresses.
Things are looking up for ADA after a good Tuesday. This post was first published on Coin Edition.