• Thu. Oct 6th, 2022

ADA at Critical Resistance Around $0.55, is a Rally Coming? (Cardano Price Analysis)

ByWikafever

Aug 8, 2022 , ,

With the market turning green today, Cardano is also ready to make a significant move.

Key Support levels: $0.50, $0.45 

Key Resistance levels: $0.55, $0.66 

ADA’s price has returned to the key resistance of $0.55, and bearing in mind the bullish momentum across the market today, a breakout appears likely. Should it succeed in turning this level into support, then the next target for the cryptocurrency will be found at $0.66. The current support is at $0.50.

ADAUSDT_2022-08-08_14-28-11
Chart by TradingView

Technical Indicators

Trading Volume: Today’s volume is in green but remains timid. Buyers may wait for the breakout to jump in.

RSI: The daily RSI has made a higher high and is quickly approaching 70 points. If the price breaks above $0.55, then the RSI could reach overbought levels.

MACD: The momentum for daily MACD was renewed, and the histogram is making higher highs, and the moving averages are expanding. This is bullish.

ADAUSDT_2022-08-08_14-33-25
Chart by TradingView

Bias

The bias for ADA is bullish, and a test of the key resistance is approaching.

Short-Term Prediction for ADA Price

After more than a week, ADA returned to the key resistance of $0.55. For now, the momentum favors the bulls and the cryptocurrency seems to have a good chance to break above and rally towards the next target at $0.66.

The post ADA at Critical Resistance Around $0.55, is a Rally Coming? (Cardano Price Analysis) appeared first on CryptoPotato.