Cardano Explodes 14% Daily, Here's the Next Target (ADA Price Analysis) - Daily Bitcoin news

Cardano Explodes 14% Daily, Here’s the Next Target (ADA Price Analysis)


ADA’s price rallied fast towards the key resistance once it broke away from an important level.

Key Support levels: $0.55, $0.50

Key Resistance levels: $0.64, $0.75

After consolidating for a few days above the key support at $0.55, ADA has finally moved towards the resistance at $0.64. The price touched this level before sellers took action and pushed the cryptocurrency into a pullback. It’s not out of the picture for the bulls to attempt another push forward in the short term.

ADAUSDT_2022-06-06_17-44-54
Chart by Trading View

Technical Indicators

Trading Volume: The volume exploded in parallel to the price, and if this momentum maintains, then ADA may break the key resistance.

RSI: The daily RSI is back above 50 points, and if it can make a higher high, then a further increase becomes more likely.

MACD: The daily MACD continues to be bullish, and this latest push higher has turned the histogram back on the uptrend.

ADAUSDT_2022-06-06_17-45-13
Chart by Trading View

bias

The bias for ADA is bullish. To properly validate this bias, ADA has to break above $0.64 and hold that level.

Short-Term Prediction for ADA Price

It seems that ADA bulls are likely to attempt another test of the critical resistance at $0.64. If successful, then the price will have open space to move much higher and towards $0.75.

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Cryptocurrency charts by TradingView.



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