Cardano Rides With Bulls, Will It Break Beyond $0.4 Region?

• ADA is currently priced at 0.3826 during the reporting time.
• ADA almost touched the regions of $0.4.
• The RSI shows that ADA might face an even price rise soon.

Cardano has been showing a remarkable performance lately as it continues to be in the green region throughout the week. While some believed that ADA would never rise from its slumber, it has proved to disbelievers that they were wrong after it almost touched $0.4 regions. On Monday, ADA stood in the hilltops of $0.3981, before slipping down the slope.

Also Read: Cardano Price Prediction

Nevertheless, ADA continued to brush off the dust faced during the slip and has started its trek, with the aim of reaching the $0.4 region. Cardano is currently placed in the eighth position, based on CoinMarketCap’s ranking list, with a price of $0.3826 at the press time. ADA also faced a huge surge of 6.19% in just a week, however, it also faced a fall of 0.16% in one hour.

Looking at the 4-hour trading chart, ADA is currently above the 200 and 50 EMA line, indicating a bull run. At the start of the new year, ADA was below 200 EMA and trodding in the jungle of the Support 2 region, while facing the bear season. 

However, in mid-January, ADA faced the golden cross as 50 EMA and 200 EMA crossed.. Cardano’s price then made a big leap, destroying the gates of Support 1. After the sudden leap, ADA has been rising continuously.

Looking at the Relative Strength Index (RSI), it is valued at 48.56, which may seem like it is moving to the sell region. However, observing closely, RSI recently fell below the SMA, but crossed its path again, rising above. This could also indicate that the price will soon rise again.

ADA seems to be revolving around the Resistance 1 region. ADA could be forming an Inverse head and shoulders, but the left shoulder is yet to be created. If the left shoulder forms, ADA could further rise, moving into the Resistance 2 region and finally going beyond the $0.4 region.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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