With the market turning green today, Cardano is also ready to make a significant move.
Key Support levels: $0.50, $0.45
Key Resistance levels: $0.55, $0.66
ADA’s price has returned to the key resistance of $0.55, and bearing in mind the bullish momentum across the market today, a breakout appears likely. Should it succeed in turning this level into support, then the next target for the cryptocurrency will be found at $0.66. The current support is at $0.50.
Technical Indicators
Trading Volume: Today’s volume is in green but remains timid. Buyers may wait for the breakout to jump in.
RSI: The daily RSI has made a higher high and is quickly approaching 70 points. If the price breaks above $0.55, then the RSI could reach overbought levels.
MACD: The momentum for daily MACD was renewed, and the histogram is making higher highs, and the moving averages are expanding. This is bullish.
Bias
The bias for ADA is bullish, and a test of the key resistance is approaching.
Short-Term Prediction for ADA Price
After more than a week, ADA returned to the key resistance of $0.55. For now, the momentum favors the bulls and the cryptocurrency seems to have a good chance to break above and rally towards the next target at $0.66.
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Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/ada-at-critical-resistance-around-0-55-is-a-rally-coming-cardano-price-analysis/