As the market surged, Cardano also managed to break key resistance at 44 cents.
Main support levels: $0.38, $0.42
Key Resistance Levels: $0.44, $0.48
ADA hit a high this week and managed to briefly push the price above key resistance at 44 cents. Since then, sellers have pushed back, and the battle is on at this key level.
If the buyers are successful, the next level of resistance is at 48 cents. As long as the price remains in its ascending channel (see chart below), the bias is bullish.
Trading volume: Strong buying volume propelled the price higher. However, over the past two days, the sellers have taken over and brought the price down to 44 cents.
IRS: The daily RSI briefly entered the overbought zone above 70 points and is now just below. This is a bullish signal.
MACD: The daily MACD remains bullish, and momentum may pick up to challenge the next level of resistance.
Bias
The bias for ADA is bullish.
Short term prediction for ADA price
Should the bulls manage to turn the 44 cent level into key support, the race will be on to reach the next target at 48 cents.
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Cryptocurrency charts by TradingView.
