Bitcoin News Today – Bitcoin and Cardano’s ADA – Weekly Technical Analysis – March 1st, 2021

Cardano’s ADA

Cardano’s ADA rose by 19.61% in the week ending 28^th February. Following on from a 19.72% rally from the previous week, Cardano’s ADA ended the week at $1.3161.

A bearish start to the week saw Cardano’s ADA fell to a Tuesday intraweek low $0.8072 before making a move.

While steering clear of the first major support level at $0.7167, Cardano’s ADA briefly fell through the 23.6% FIB of $0.9496.

Bullish through to Saturday, however, Cardano’s ADA rallied to a Saturday intraweek high and a new swing hi $1.5467.

Cardano’s ADA broke through the first major resistance level at $1.2689 and the second major resistance level at $1.5278.

The rally also saw Cardano’s ADA break back through the 23.6% FIB of $0.9496.

A choppy end to the week, however, saw Cardano’s ADA fall back through the resistance levels before ending the week at $1.31 levels.

The move back through to $1.31 levels saw Cardano’s ADA also break back through the first major resistance level at $1.2689.

5-days in the green included a 9.24% gain on Wednesday and a 15.62% rally on Friday contributed to the upside in the week.

For the week ahead

Cardano’s ADA would need to avoid a fall through the pivot level at $1.2233 to support a run at the first major resistance level at $1.6395.

Support from the broader market would be needed, however, for Cardano’s ADA to break out from last week’s new swing hi $1.5467.

Barring another extended crypto rally, the first major resistance level and resistance at $1.70 would likely cap any upside.

In the event of another extended breakout, Cardano’s ADA could test resistance at $1.90 before any pullback. The second major resistance level sits at $1.9628.

Failure to avoid a fall through the pivot level at $1.2233 would bring the 23.6% FIB of $1.1881 and the 38.2% FIB of $0.9663 into play.

Barring an extended sell-off in the week, Cardano’s ADA should avoid the first major support level at $0.9000. The second major support level sits at $0.4838.

At the time of writing, Cardano’s ADA was down by 1.33% to $1.2985. A mixed start to the week saw Cardano’s ADA rise to an early Monday morning high $1.3678 before falling to a low $1.2277.

Cardano’s ADA left the major support and resistance levels untested at the start of the week.