Cardano surprised the market with a significant rally yesterday once sentiment turned bullish. Now the price is found at a critical resistance.
Key Support levels: $0.38, $0.33
Key Resistance levels: $0.42, $0.50
ADA has finally managed to reverse the downtrend and rally. Buyers were aggressive and took the price all the way to the key resistance at $0.42 after breaking above $0.38, which has turned into the current support. This sharp increase turned ADA into one of the best performers during yesterday’s market rally.
Technical Indicators
Trading Volume: The volume exploded yesterday, reaching levels not seen since August. If buyers can sustain this momentum, then ADA may move much higher.
RSI: The daily RSI quickly left the oversold area and moved above 50 points, which places this indicator on the bullish side.
MACD: The daily MACD is bullish, and the most recent action will consolidate this reversal.
Bias
The bias for ADA is bullish.
Short-Term Prediction for ADA Price
ADA has put out a great performance this week, which may allow it to turn the sentiment around. If bulls continue like this, they may even push the price to $0.50. The biggest obstacle towards that is breaking the current resistance at $0.42, which has put a break on this rally.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
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.
Source: https://cryptopotato.com/ada-soars-13-daily-as-buying-volume-highest-since-august-cardano-price-analysis/