Cardano Price Analysis: ADA Soars 10% Daily, $0.75 Inbound? - Daily Bitcoin news

Cardano Price Analysis: ADA Soars 10% Daily, $0.75 Inbound?


Ever since ADA found support at $0.55, the charts have been looking bullish. If buyers persist, then ADA is likely to move above the key resistance.

Key Support levels: $0.50, $0.55

Key Resistance levels: $0.64, $0.75

Despite a turbulent market that gives conflicting signals, ADA has been a consistent winner in the past few days. The price is now just under the key resistance at $0.64. If this momentum continues, buyers could take the cryptocurrency above and beyond. The key support is found at $0.55, and it was held very well to date.

ADAUSDT_2022-06-08_15-04-23
Chart by TradingView

Technical Indicators

Trading Volume: The buying volume has been very well sustained and has taken ADA back below the key resistance.

RSI: The daily RSI is also rallying and moving fast towards 60 points. This puts the RSI on the bullish side.

MACD: The daily MACD is bullish, and the histogram is making higher highs again. This is a great change of pace after the price consolidated earlier this week.

ADAUSDT_2022-06-08_15-03-37
Chart by Trading View

bias

The bias for ADA is currently bullish, and a break of the key resistance would reaffirm it.

Short-Term Prediction for ADA Price

As long as the buying volume remains steady, ADA is likely to break above $0.64. If successful, then it has a clear path towards $0.75 next.



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