The latest downside correction has failed to dampen Cardano’s [ADA] price which smashed up a new all-time high nearing $2.5 this week. The crypto-asset claimed the fourth position in the leaderboard after accruing weekly gains of nearly 40%.
Unfazed by the turbulent week, Cardano has managed to sustain the winning streak of four straight daily green candles. It was still trading close to its peak at $2.4 after rising by 13.05% over the past day. At the time of writing, the digital currency’s market cap was pushed to $76.47 billion.
In addition, the volume of ADA traded in the last 24 hours also increased to $15.84 billion.
Cardano [ADA] Daily Price Chart:
Cardano [ADA] noted a sharp move as it broke from two-month long rangebound this week. Along with the upward price movement, the crypto-asset was accompanied by rising volume which backed the uptrend.
The diverging Bollinger Bands depicted a period of high volatility in the coin market which could further push its price higher.
Bulls Are In Control
The long green closing bars of Awesome Oscillator depicted an increasing bullish momentum in ADA’s price in the near term. The MACD has also risen substantially in tandem with the price action indicating a strong buying demand from the market participants.
Similarly, the RSI also shot above the overbought territory signifying a sentiment of massive buying pressure among the ADA investors which, in turn, could further catalyze the price of the token.
The above chart indicated a bullish phase for the coin. Even if the buying demand exhausts, a consolidation near the highs would still be a positive sign since it would imply that the market participants are buying on dips but not dumping their coins on corrections.
This positive projection, however, will invalidate if ADA turns down and drops below the immediate breakout level $1.56.. This, in turn, could pull Cardano’s price down to another key support level of $1.05.