ADA Bulls Regaining Momentum, Can They Close Above $0.42? (Cardano Price Analysis)
Cardano continues its uptrend, even if timid and with low volatility.
Key Support levels: $0.38
Key Resistance levels: $0.42
Buyers are quite happy to see ADA has managed to reach 40 cents. However, the current momentum lacks conviction. The key resistance is not far away – at 42 cents, and the price does not have much space left before sellers could return. The key support is at 38 cents.
Trading Volume: The good buy volume in the past three days has allowed ADA to move higher and reach 40 cents.
RSI: The daily RSI is at 62 points and remains bullish with higher highs.
MACD: The daily MACD is bullish, but the histogram clearly shows a bearish divergence. This is a warning sign that the bullish momentum is fading.
Bias
The bias for ADA is bullish.
Short-Term Prediction for ADA Price
The expectation is for ADA to test the key resistance at 42 cents. If buyers fail to gather more strength on the way there, then a rejection appears likely. This could take this cryptocurrency into a pullback, similar to February when the price was rejected by the same level.
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OhNoRipple via https://www.ohnocrypto.com/ @Duo Nine, @Khareem Sudlow