Cardano Price Analysis: ADA Breaks Above $1.3, Here’s the Next Target

Key Support levels: $1.3

Key resistance level: $1.5

ADA didn’t look back after breaking (in blue), the descending triangle and seems ready to make more gains. The price has risen to $1.3, after it reversed the downward trend. If ADA can convert this level into support then the next target is $1.5, which will serve as resistance.

Chart by TradingView

Technical Indicators

Trading Volume: The breakout was a strong one and volume is still high. Now, the biggest question is whether ADA will hold above $1.3.

RSI: The RSI has reached a new high in the daily timeframe. The RSI is currently at 48 points. If it can rise above 50 and stays there, the bulls will take control of the market.

MACD: MACD is moving higher and expanding on a daily basis. This is very bullish and there are no signs that this rally has been weak. The histogram as well as the moving averages have also reached higher highs.

Chart by TradingView

Bias

Bullish is the current bias.

Prediction of ADA price in the short-term

ADA’s biggest challenge right now is to convert the $1.3 key level into support and confirm it by a retest. ADA will be able to charge for the $1.5 resistance once that has been completed. This requires a 10% increase in price at the time this post is written.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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