Cardano Price (ADA) Could Test $0.50, Golem Skyrockets

Cardano price is gaining momentum against the US Dollar (Tethered) and bitcoin. ADA/USD may perhaps accelerate gains this month and it could test $0.50. Additionally, Golem cryptocurrency surged today by more than 40% to rise above $0.80. It seems like GNT could rise further towards $1.00.

The crypto market is currently showing positive signs as the market cap rose above the $440B (as per coinmarketcap). There were bullish moves in cardano and ADA posted gains versus both USDT and BTC. More importantly, there were gains in all major cryptocurrencies such bitcoin, Ethereum, ripple, bitcoin cash and litecoin, which is a good sign.

Cardano Price (ADA/USD) Key Takeaways

• Cardano is trading with a bullish tone and is currently placed well above the $0.3200 support against the US Dollar (tethered).
• There is a solid bullish trend line forming with support at $0.3600 on the 4-hours chart of ADA/USD.
• The pair may continue to rise towards the $0.40, $0.45 and $0.50 resistance levels.

The chart below indicates that there is a nice uptrend in place from the $0.20 swing low. Buyers were successful in pushing the price above the $0.25 and $0.30 resistance levels.

More importantly, the price settled above the 100 and 150 simple moving average (4-hours) and broke the $0.3200 pivot level. These are positive signs and indicates more upsides above $0.3800 in the near term.

Cardano Price Analysis

At the moment, cardano price is trading near the last swing high of $0.3878. It recently cleared the 76.4% Fib retracement level of the last drop from the $0.3878 high to $0.3148 low.

Therefore, there are high chances that ADA price would accelerate above the $0.40 level. The next stop could be $0.4051, which is the 1.236 Fib extension of the last drop from the $0.3878 high to $0.3148 low.

Above $0.4051, the price may perhaps test the 1.618 Fib extension of the last drop from the $0.3878 high to $0.3148 low at $0.4330. Finally, if buyers remain in control, the price could even test the $0.50 hurdle during the coming days.

Overall, the current market sentiment is positive. Today, Golem cryptocurrency rose sharply and gained more than 40% to trade above $0.85. It seems like GNT could accelerate higher and even break the $1.00 level.

Other altcoins such as LOOM, Fusion, Zilliqa, VERI, ONT and Bytecoin also gained traction. Other coins to watch out are ICX, HSR, ZRX, WAN, Pundi X, IOTA and BCC.