CryptoUpdate – 24/7 Cryptocurrency & Blockchain News
Image default
Cardano Price

Cardano Price Analysis: ADA Facing Critical Resistance Following 11% Weekly Spike

ADA’s price is currently challenging the key resistance level at $1.2 and has a good chance to move even higher.

Key Support levels: $1.1

Key Resistance levels: $1.2, $1.3, $1.5

Just like the overall sentiment of the past few days, ADA had a green week (11% ROI according to CoinGecko) so far as the price moved firmly higher, surpassing the $1 – $1.1 zone.

The current resistance at $1.2-1.3 is the next area to watch: Especially if the price can confirm $1.2 as resistance turned support level and challenge the next targets at $1.3 and event at $1.5 if momentum persists.

Chart by TradingView

Technical Indicators

Trading Volume: The last move was followed by a decent amount of volume, but nothing out of the ordinary. We expect the volume to increase as the price moves higher.

RSI: The daily RSI has not made a higher high yet, but charting higher lows. The RSI has to go past 65 points to make a higher high, which seems possible over the coming week. Currently, the RSI sits at 54.

MACD: The daily MACD remains bullish with expanding histogram and moving averages. This puts ADA in a clear bullish trend.

Chart by TradingView

Bias

The current bias is bullish.

Short-Term Prediction for ADA Price

The ADA price continued to move higher at a steady pace, in correspondence with the green momentum of Bitcoin. If this continues, ADA can easily reach $1.3 in the coming days.

SPECIAL OFFER (Sponsored)

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.

Read More

Related posts

Cardano Founder Pegs DeFi TVL at $19B+ as Stablecoin Djed’s Testnet Goes Public

cryptoupdate.me

Bitcoin Price Analysis: BTC At 11-Day Low, is $30K Retest Incoming?

cryptoupdate.me

AVAX Price Analysis 2022: Is It a Good Time to Buy AVAX?

cryptoupdate.me

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.