Cardano Price Analysis: Following the 5% Daily Surge, is ADA Ready to Test $1.2?

Key Support levels: $1.1, $1

Key Resistance levels: $1.2, $1.36

The market turned bullish yesterday, and ADA has moved above the key resistance at $1.1, which is now acting as support. The next level to pass is at $1.2, and the cryptocurrency is still gathering momentum to challenge it. ADA seems likely test this level in the coming days, depending on the overall market, which favors the buyer’s side at this time.

Chart by TradingView

Technical Indicators

Trading Volume: ADA closed the last three days in green. While the volume was not high, it was dominated by bulls.

RSI: The daily RSI has made a higher low which is bullish. To make a higher high, the RSI needs to move above 65 points which is quite a distance from the current level at 50 points.

MACD: The daily MACD has turned bullish yesterday after a positive crossover. Now, the momentum is favoring bulls, but ADA will be challenged by the $1.2 resistance.

Chart by TradingView

Bias

The current bias is bullish. A clean break above the key resistance will open the way for ADA to move much higher.

Short-Term Prediction for ADA Price

The price action for ADA has turned bullish yesterday, and now the buyers are preparing their assault on the $1.2 resistance, which is the most significant challenge. If successful, the cryptocurrency could begin a stronger rally.