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ADA Breaks Out, Is $2.4 Target Imminent?
Key Support Level: $2; $2.2 Key resistance level: $2.4; $3 As stated in the previous analysis, Cardano (ADA) has attempted to break out of the descending channel several times and finally managed to do so today on sustained volume. This puts the price in a range between $2 and $2.4 – levels that also act as support and resistance. A confident push from bulls can take the price above key resistance and closer to the all-time high of $3. Chart by TradingView ADA Technical Price Indicators Volume: The move has been strong and at the time of this post, the four-hour time frame is showing three green candles. This indicates…
ADA Breaks Out, Is $2.4 Target Imminent?
Key Support Level: $2; $2.2
Key resistance level: $2.4; $3
As stated in the previous analysis, Cardano (ADA) has attempted to break out of the descending channel several times and finally managed to do so today amid sustained volume. This puts the price in a range between $2 and $2.4 – levels that also act as support and resistance. A confident push from bulls can take the price above key resistance and closer to the all-time high of $3.
Chart according to TradingView
ADA price technical indicators
volume: The move has been strong and at the time of this post, the four-hour time frame is showing three green candles. This indicates strong momentum for bulls post-breakout.
RSI: The RSI is in overbought territory (>70) on the four-hour time frame, suggesting that a pullback to $2.2 could be possible in the near term before a continuation takes place.
MACD: The daily MACD is firmly placed on the bullish side of the daily time frame. The histogram is drawing higher highs and the moving averages are extending higher. That's bullish.
Bias
The trend can be described as bullish in the short term. ADA appears to be on track to test the $2.4 resistance. We need to closely monitor the price action at this level and see if it has the strength to push further higher. In the last two attempts to break this resistance, the bears sent ADA's price back towards key support. Therefore, it is best to be patient and let the price guide you.
Chart according to TradingView
Cardano (ADA) Short-Term Price Prediction
Considering the current price action, ADA is on track to revisit the resistance at $2.4. Further price increases may follow in the next few days. If ADA manages to break away from resistance, a retest of the all-time high will also become possible, which would bring the price around $3. On the other hand, any rejection of resistance could push ADA back towards $2. However, this seems to be the less likely scenario due to the overall bullish trend after Bitcoin broke its all-time high yesterday.
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