- Cardano ADA Has Been on a Bullish Rally for the Last 24 Hours and Higher Highs May Come Near-term
- The Surge in the Price ADA Came Shortly After IOHK Announced a Partnership with the United Nations
Cardano News Today – The Cardano ADA token has been bullish against the USD for the last 24 hours. The bull run was much welcomed since the token spent the last few weeks post, Shelley, declining. About 72 hours ago, the ADA token entered a bullish correction phase. This was shortly after the price of the token fell below the $0.085 support. This bearish fall gave the bulls the momentum they need allowing them to rise. Shortly after the market-wide correction started, the token corrected lower but has since started recovering. This morning, the ADA token crossed the $0.1050 level for the first time in more than seven days. The latest surge has allowed ADA to outperform the rest of the market and it came right after the news about a partnership between Cardano’s IOHK and the United Nations.
Cardano News Today – News About the UN and IOHK has Given Cardano Momentum to Rise Higher
At the time of writing, the price of the ADA token was $0.105267. This shows that the token is up by more than 10.56% against the USD and up by more than 8.17% against Bitcoin BTC. The trading volume and market capitalization have also been rising along with the price. As long as the Cardano ADA token stays above the 23.6% fib retracement level of the last surge from $0.0755 to $0.0962, the bulls will remain in control of the market. All the technical indicators show that the token is going to keep rising even if it faces a brief relapse along the way.
The relative strength index for the ADA token is currently approaching the60 level. The bullish pressure became more intense when the token moved above the resistance at $0.1040. This point acted as the confluence of the high on the 3rd and 4th of September. The golden cross that appeared on the hourly price charts is also an indication of bullish control. The 50 hourly moving average has moved above the 200 hourly moving average, another indication of bullish momentum.
While the ADA token has successfully moved above the resistance at $0.1000, it is important to note that the token is still at risk of falling. The key support level is at $0.0940. The token must remain above this level if it is to keep rising. If the token falls below this level, it will keep falling until it gets to the next resistance at $0.0904.
While there many factors that may influence the price of the ADA token, history has shown that the token has a response to fundamentals. In our Cardano news yesterday, we noted that the United Nations has cut a deal with IOHK to promote sustainable blockchain projects that fit their goals.