ADA’s price rallied over 20% in the past three days and is now found below a key resistance.
Key Support levels: $0.50, $0.45
Key Resistance levels: $0.55, $0.66
After Cardano turned the $0.50 level into support, the price quickly moved higher to the key resistance at $0.55. ADA is more likely to pull back here, and this would be a test to see if the buyers have sufficient momentum to attempt a break higher towards $0.66.
Chart by TradingView
Trading Volume: The volume went up as ADA’s price increased. This is bullish and if momentum maintains, then ADA could run higher.
RSI: The daily RSI is close to the overbought zone at 70 points. The price can still go higher before a significant correction.
MACD: The daily MACD is bullish, and momentum improved significantly, as shown by the histogram in the past three days.
Chart by TradingView
The bias for ADA is bullish.
Having managed to reach a price above half a dollar, ADA is experiencing a strong uptrend which could push it above the current range that has key resistances at $0.55 and $0.66. If buyers remain interested, then a breakout above $0.55 is very likely in the near future.
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