Bitcoin (BTC) continued its upward trend, breaking beyond $32,000 to recoup weekly losses. BTC was pushed beyond the psychological mark of $32,500 by the bulls, who were aiming for a rebound to $33,000. Other cryptocurrencies, such as ether and dogecoin, have continued to rise after Tesla CEO Elon Musk stated that he personally owns the three digital tokens mentioned above, although Tesla and SpaceX both own Bitcoin solely.
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Over the last 24 hours, the general market has traded with somewhat optimistic price activity. Although Cardano price action is strongly bearish, it is still trading with a bearish price action momentum.
The Cardano price outlook remains neutral, as the pair trades in a band of 1.22 to 1.13. Cardano’s price motion is constrained by two key price points that will influence its next move. On the upside, ADA has to break past the $1.30 resistance level in order to reach $2.00. Investors may need to prepare for another drop if the $1.00 support fails to hold.
The technical indicators point to a strong price momentum for the $2 high. The bullish trend of ADA may come to a halt near $1.8. The altcoin, on the other hand, has a lot of support near the $1 mark. A decrease in Cardano, on the other hand, might be a significant signal for the broader market, since a new higher low could be set above the $1 barrier.
According to Micheal Van De Poppe, Bitcoin needs to break over the $1.48 level to confirm a bullish rise, following which the $1.85 levels would be considered. On the negative, he predicts that if $1.15 is lost, the currency will continue to fall.