As the top performing asset among the top 20 cryptos today, Cardano has crept out of the bear market with a 5.94% rise ahead of BTC. Now back at $0.17, trading volumes are starting to swell again having spending most of the week below $90,000,000 a day.
The new bullish support for ADA hails largely from South Korea, as local investors respond first to the latest Bithumb Exchange token listings announced on Twitter yesterday evening. At the time of writing ADA/KRW pairing on Upbit accounts for 44.34% of all Cardano trades in the last 24hrs. We should anticipate a further peak in trading with this particular fiat pairing once Bithumb traders flock to ADA.
A quick look at the 3hr ADA/USD chart below (calculated by Tradingview) shows the asset beginning to return back up towards the 0.886 fib level, where we hope support can sustain ADA through this level’s resistance.
Past there we can see a encapsulated space between the 0.886 fib level (yellow) and the failed bullish pennant trend lines (blue) where ADA could struggle to break free from. Also along the top of this ‘No Man’s Land’ area is the 0.786 fib resistance at just under $0.182.
If ADA can break clear of this area, it should start to look promising again for the asset. Volumes will need to remain consistently high and keep an eye out on momentum indicators in case the bulls begin to tire early.
A top end target for this asset is back to $0.23 along the 0.0 fib level (34.44% ROI from 0.886 fib support)