Cardano Price Analysis: ADA Skyrockets 50% in 3 Days, What’s the Next Target?

ADA surprised the markets with a remarkable performance. It rallied by more than 50% in the past three days.

Key Support levels: $0.60, $0.50

Key resistance levels: $0.75, $0.90 and $1

ADA discovered a new local bottom on May 28th at $0.45. Since then it has only been rising. The price moved to $0.66 at this time, breaking several key resistance levels. The support is at $0.60 and the resistance at $0.75.

After such a major move, ADA could also enter a consolidation phase.

Chart by TradingView

Technical Indicators

Trading Volume: The strong buying volume over the past two days has pushed ADA’s price up to half a penny. Now. The bulls might try to consolidate after the success.

RSI: The daily RSI was above 50 points. This puts it on the bullish side. The RSI also reached a new high.

MACD: Bullish daily MACD and histogram are making higher highs due to increased momentum. Based on the MACD, buyers may push the price higher.

Chart by TradingView

Bias

Bullish is the bias for ADA.

Short-Term Prediction of ADA Price

Given the market momentum and indicators at the moment, it seems more likely that the key resistance at $0.75 will be tested. If ADA fails to move above $0.75, the price could consolidate above $0.60.

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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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