Analytics

Cardano Price Analysis: ADA Facing Critical Resistance Following 11% Weekly Spike

ADA’s price is currently challenging the key resistance level at $1.2 and has a good chance to move even higher.

Key Support levels: $1.1

Key Resistance levels: $1.2, $1.3, $1.5

Just like the overall sentiment of the past few days, ADA had a green week (11% ROI according to CoinGecko) so far as the price moved firmly higher, surpassing the $1 – $1.1 zone.

The current resistance at $1.2-1.3 is the next area to watch: Especially if the price can confirm $1.2 as resistance turned support level and challenge the next targets at $1.3 and event at $1.5 if momentum persists.

Technical Indicators

Trading Volume: The last move was followed by a decent amount of volume, but nothing out of the ordinary. We expect the volume to increase as the price moves higher.

RSI: The daily RSI has not made a higher high yet, but charting higher lows. The RSI has to go past 65 points to make a higher high, which seems possible over the coming week. Currently, the RSI sits at 54.

MACD: The daily MACD remains bullish with expanding histogram and moving averages. This puts ADA in a clear bullish trend.

Bias

The current bias is bullish.

Short-Term Prediction for ADA Price

The ADA price continued to move higher at a steady pace, in correspondence with the green momentum of Bitcoin. If this continues, ADA can easily reach $1.3 in the coming days.

   

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