Cardano Price Analysis: ADA Bulls Stopped at $1.6, What’s Next?
Key Support levels: $1.2
Key Resistance level: $1.5, $1.9
ADA’s rally continued this week and the price reached $1.6 before falling under the key resistance at $1.5. This show of strength decoupled ADA from the overall market that has remained indecisive at best this week. The support is found at $1.2 and seems unlikely to be tested again, assuming the current momentum remains intact.
Technical Indicators
Trading Volume: The high volume during this rally confirmed that the bulls had total control of the price. This reaffirmed the positive momentum.
RSI: The daily RSI has made a higher high and reached 65 points during this move. It seems likely for the RSI to also make a higher low and continue upwards so long the momentum is maintained.
MACD: The daily MACD bullish cross from last Thursday was confirmed this week with a considerable rally. At the time of this post, the momentum looks to fade slightly on the histogram as ADA has reached a key resistance.
Bias
The current bias is bullish. All eyes are on the key resistance at $1.5 and if price can make it support.
Short-Term Prediction for ADA Price
Before potentially going higher, ADA may experience a pullback under the key resistance at $1.5. Then, if buyers have sufficient force, they can push the cryptocurrency above the critical resistance and turn it into support. If this plays out, then ADA’s next resistance is found at $1.9.
OhNoRipple via https://www.ohnocrypto.com/ @Duo Nine, @Khareem Sudlow