Cardano’s price managed to steadily push higher day after day. But for how long can the bulls keep the rally alive?
Key Support levels: $0.36
Key Resistance levels: $0.40
As the price continues its ascend, ADA will face a significant challenge the $0.40, where the expectation is for sellers to make a stand. In the past, this level rejected the price and was followed by a steep correction. This may happen again, and if it does, there is support at $0.36.
Trading Volume: The volume continues to be high, with strong interest from buyers in the past week.
RSI: The RSI is sitting above 80 points, placing it in the overbought area. Nevertheless, this is also a signal of strong bullish momentum.
MACD: The daily MACD is bullish, but the histogram is falling, which shows buyers are becoming weaker with time. This could be exploited by bears once the price hits the key resistance.
The bias for ADA is bullish.
Short-Term Prediction for ADA Price
ADA has successfully passed several key resistance levels at $0.30 and $0.36, which are now acting as support. However, the biggest test is still ahead, and it would be interesting to see if ADA will break above $0.40 after such a rally.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.