ADA Rallies 9% in 24 Hours, Here’s the Next Target (Cardano Price Analysis)

ADA took full advantage of the market sentiment and managed to return on the short-term uptrend.

Key Support levels: $0.45, $0.38 

Key Resistance levels: $0.50, $0.55 

With this latest increase in price, ADA has reclaimed the old support level at $0.45 and is now well on its way to test the resistance at $0.50. If successful, this would open up the level to higher levels, although, given the overall macroeconomic outlook, market participants need to remain cautious.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is stable and favors buyers. If it picks up as the price increases, this would be a significant bullish signal.

RSI: The daily RSI made a higher high and is above 50 points. As long as buyers remain in control, ADA should perform well.

MACD: The daily MACD turned bullish in the past few days, and momentum improved significantly, as shown by the histogram.

Chart by TradingView

Bias

The bias for ADA is bullish.

Short-Term Prediction for ADA Price

Considering the current developments, all eyes are now on the key resistance levels at $0.50 and $0.55. If ADA manages to break above these targets, then the price could even test the top of this channel at $0.66. The cryptocurrency has consolidated in this large range since May, and a breakout would be a major change in the market structure.