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ADA Rises 11% Weekly as Bulls Dominate, Is $0.48 Within Reach? (Cardano price analysis)
As the market soared, Cardano also managed to break the key resistance at 44 cents. Key Support Levels: $0.38, $0.42 Key Resistance Levels: $0.44, $0.48 ADA made a higher high this week and managed to briefly push the price above key resistance at 44 cents. Since then, sellers have pushed back and the battle continues at this key level. If the buyers are successful, the next resistance level is at 48 cents. As long as the price remains within its ascending channel (see chart below), the bias is bullish. Chart from TradingView Trading Volume: Strong buying volume drove the...
ADA Rises 11% Weekly as Bulls Dominate, Is $0.48 Within Reach? (Cardano price analysis)
As the market soared, Cardano also managed to break the key resistance at 44 cents.
Key Support Levels: $0.38, $0.42
Key resistance levels: $0.44, $0.48
ADA made a higher high this week and managed to briefly push the price above key resistance at 44 cents. Since then, sellers have pushed back and the battle continues at this key level.
If the buyers are successful, the next resistance level is at 48 cents. As long as the price remains within its ascending channel (see chart below), the bias is bullish.
Chart from TradingView
Trading volume:Strong buying volume drove the price higher. However, in the last two days, sellers had the upper hand and took the price back to 44 cents.
RSI: The daily RSI briefly rose into the overbought area above 70 points and is now hovering just below. This is a bullish signal.
MACD: The daily MACD remains bullish and momentum could pick up again to challenge the next resistance level.
Chart from TradingView
Bias
The bias for ADA is bullish.
Short-term forecast for ADA price
If buyers manage to convert the 44 cent level into key support, the race to the next target at 48 cents is on.
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