Cardano Price Analysis: ADA/USDT Jumps to Highest Levels in Two Weeks Ahead of IOHK Summit

  • Cardano’s ADA price maintains decent heights after a big 15% jump in the prior session.
  • There is much anticipation ahead of the IOHK summit for details of the new Cardano roadmap.

Recent ADA Price Behavior

Cardano’s ADA price remains elevated after the decent pop higher yesterday, where the bulls gained big double-digits. An advance in the session on Friday was seen of around 15% thanks to a market wide rally led at the time by Litecoin (LTC). At the time of writing, the ADA/USDT pair is seen holding gains of around 1.5%, maintaining some of the upside momentum. The price is trading near its highest levels in almost two weeks. As a result, the bulls are looking to restart some recovery. This comes after much selling encountered throughout January and early February.

Moreover, the price managed to catch some comfort on a big daily support level, $0.035500. This has acted as a necessary safety net on occasions in November and December. It has proven to attract decent buyers. Most recently, back on 28th December, the price rallied 50% from the mentioned area, which was seen up until 10th January. At the time, it printed a high at $0.054150. Upon hitting these heights, ADA/USDT then lost much upside momentum, running into resistance. At the time it was the highest print that had been seen since 19th November 2018.

Cardano’s New Roadmap

It was reported this week that the Cardano project will now launch its new roadmap on the back of the upcoming IOHK summit. This is going to be held over the course of 17-18th April in Miami. The platform’s new roadmap is going to be outlining the 2020 vision for Cardano. This is anticipated to be detailed by the Founder and CEO Charles Hoskinson in his keynote speech. Furthermore, the changes are expected to be somewhat drastic. The roadmap currently does not bear any timelines until the announcement has been made.

Laurie, an official from the IHOK team, provided a brief insight via the recent blog post on the Cardano forum. She noted: “The Cardano roadmap is changing. We will be launching an exciting new roadmap which showcases the Cardano 2020 vision. This will be after the IOHK Summit, which will be taking place on April 17-18. CEO Charles Hoskinson will outline this vision in his keynote speech and the roadmap will be relaunched with a renewed focus on this milestone. For the time being, we will be removing the timer on the roadmap page as well as publishing intermittent updates about important software releases.”

Technical Review – ADA/USDT

ADA/USDT daily chart.

Keeping in mind the current push to the north, there isn’t too much in the way of resistance, until the 2019 highs. This would mean the market bulls would need to break down the supply zone, which is tracking from $0.050000 up to $0.0540000. Should the bulls manage to break down this area camped with sellers, then an additional wave of buying pressure would likely be seen. Lastly, further north, eyes will then be on a return to the pre-November fall levels, up within the $0.080000 territory.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.