Cardano (ADA) Price Rose for the Second Consecutive Day

As Bitcoin (BTC) price continues to hover around the $82k-$83k range

The price of Cardano rose for the second successive day on Saturday, inching up by 1% to trade at $0.745 by 03:05 ET (07:05 GMT). The coin’s performance has been sending mixed signals in the last five days, with the coin clocking gains in four of those days to halt a sharp downtrend seen a week earlier.

The performance comes as the broader crypto market clocked marginal gains this week, with Bitcoin now remaining supported around the $82k-$83k range.

However, ADA has been encountering strong resistance at the $0.750 level in the last four days, a level that’s also marginally above its 200 Exponential Moving Average (EMA) on the daily chart.

That has seen bulls curtail their appetite for the coin, but a breakout above that level could inject a fresh impetus to recover the massive losses incurred in March.

ADA price will need to reclaim the psychological $1 support before it builds a strong bullish sentiment. However, that is likely to be a challenge, as the current trade tariff environment has elevated risk aversion among investors.

Meanwhile, the Cardano blockchain saw its DeFi performance increase in the last day. According to DeFiLlama data, its Total Value Locked (TVL) rose by 1.9% in the last 24 hours to stand at $330 million. That signals increased utility for ADA, which ultimately adds support to the upside.

Cardano price pivots at $0.758 and action above that level favours the buyers to stay in control. That will likely see the first resistance established at $0.758. A stronger momentum will break above that level and could test the second resistance at $0.770.

Conversely, going below $0.737 will shift the momentum to the downside. With that, the crypto coin will likely find the first support at $0.724. However, an extended control by the sellers will break below that level and invalidate the upside narrative. Also, that could clear the path for further losses to test the second support at $0.709.