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ADA Skyrockets 16% Daily, Here's Next Big Target (Cardano Price Analysis)
Cardano's price rose a whopping 30% in the last seven days, with the majority of these gains occurring in the last 24 hours. Key Support Levels: $0.30, $0.24 Key Resistance Levels: $0.34, $0.38 Cardano did not disappoint, starting this week with a massive rally booking, a 16% price increase in the last 24 hours. In the process, ADA turned the resistance at $0.30 into support. This pushed the price down to $0.34, which will likely be a difficult level to break. At the time of this post, the bears have managed to reject the price at key resistance. …
ADA Skyrockets 16% Daily, Here's Next Big Target (Cardano Price Analysis)
Cardano's price rose a whopping 30% in the last seven days, with the majority of these gains occurring in the last 24 hours.
Key Support Levels: $0.30, $0.24
Key Resistance Levels: $0.34, $0.38
Cardano did not disappoint and started this week with a massive rally, with a price increase of 16% in the last 24 hours. In the process, ADA turned the resistance at $0.30 into support. This pushed the price down to $0.34, which will likely be a difficult level to break.
At the time of this post, the bears have managed to reject the price at key resistance. It remains to be seen whether the rally will continue.
Chart from TradingView
Trading volume:Volume exploded during this rally, reaching levels not seen since November 2022.
RSI: Surprisingly, the daily RSI is in overbought territory at 73 points. This signals strong bullish momentum.
MACD: The daily MACD is bullish and the histogram is making higher highs. As long as this continues, the bias would remain positive.
Chart from TradingView
Bias
The bias for ADA is bullish.
Short-term forecast for ADA price
The main challenge for ADA is to break the $0.34 resistance level. If successful, it could quickly approach 38 cents, where it will likely face further pushback from bears. The support at $0.30 is the first barrier to stop any selling pressure should it come.
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