The Cardano (ADA) price holds above key support
ADA has been consolidating above a crucial support level since November. Will it finally start moving upwards?
Cardano reaches the high end of its range
Technical analysis on the weekly timeframe shows that ADA has been trading within a horizontal range for most of the year. Despite briefly breaking down in June, it quickly reclaimed the range low, indicating buying pressure. In October, ADA formed a higher low and experienced an accelerated rate of increase, reaching a high of $0.41 last week.
The RSI suggests a positive trend
The Relative Strength Index (RSI) is above 50 and increasing, indicating a positive trend. Readings above 50 suggest an advantage for bulls, while readings below 50 indicate the opposite.
What do traders say about ADA?
Crypto Merlin tweeted a fractal that predicts an upcoming acceleration in ADA’s rate of increase, potentially pushing the price into double digits. CryptoBusy is uncertain about the future direction of the price due to strong resistance at $0.40. SatoshiClub also expresses caution until a breakout from the $0.40 resistance level occurs.
ADA price prediction: Will it break through $0.40?
The daily chart shows bullish signals with both the RSI and price action. ADA has cleared several resistance levels and is currently consolidating above $0.35. Hidden bullish divergence on the daily RSI suggests a continuation of the upward trend, with a potential target of $0.45.
Risks to the upward movement
A daily close below $0.35 support would jeopardize the upward movement and could lead to a 25% drop to the $0.30 support level.
Hot Take: ADA price holds above support, but resistance at $0.40 poses a challenge
The Cardano (ADA) price has remained stable above a crucial support level, indicating potential for an upward movement. However, strong resistance at $0.40 may hinder further gains. Traders have mixed opinions on ADA’s future, with some predicting a significant increase while others remain cautious. The daily chart shows bullish signals, with the RSI and price action suggesting a continuation of the upward trend. However, a daily close below $0.35 support could reverse the current momentum. Overall, ADA’s price remains in a critical position as it seeks to break through key resistance levels.
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