Cardano Explodes 14% Daily, Here’s the Next Target (ADA Price Analysis)

ADA’s price rallied fast towards the key resistance once it broke away from an important level.

Key Support levels: $0.55, $0.50

Key Resistance levels: $0.64, $0.75

After consolidating for a few days above the key support at $0.55, ADA has finally moved towards the resistance at $0.64. The price touched this level before sellers took action and pushed the cryptocurrency into a pullback. It’s not out of the picture for the bulls to attempt another push forward in the short term.

Chart by TradingView

Technical Indicators

Trading Volume: The volume exploded in parallel to the price, and if this momentum maintains, then ADA may break the key resistance.

RSI: The daily RSI is back above 50 points, and if it can make a higher high, then a further increase becomes more likely.

MACD: The daily MACD continues to be bullish, and this latest push higher has turned the histogram back on the uptrend.

Chart by TradingView

Bias

The bias for ADA is bullish. To properly validate this bias, ADA has to break above $0.64 and hold that level.

Short-Term Prediction for ADA Price

It seems that ADA bulls are likely to attempt another test of the critical resistance at $0.64. If successful, then the price will have open space to move much higher and towards $0.75.