Will ADA Explode Above $0.3 This Week? Three Things to Watch (Cardano Price Analysis)

Cardano looks like it’s about to make a significant move soon. Here are three technical indicators to watch.

Key Support levels: $0.26, $0.24

Key Resistance levels: $0.30, $0.32

1. Ascending Triangle

The price action of this cryptocurrency has formed a clear ascending triangle, as highlighted in the below chart. This makes a possible breakout above the resistance at $0.30 likely. Since the price is being compressed at the apex of this formation, ADA will have to decide fairly soon on the way forward.

Chart by Trading View

2. MACD Bullish Crossover

The 3-day MACD of Cardano shows that a bullish crossover may happen this week. If so, then a breakout above $0.30 becomes more probable. On the daily timeframe, the MACD is already positive, which gives bulls the upper hand right now.

Chart by Trading View

3. Resistance Under Pressure

The resistance at $0.30 has kept ADA from moving higher in June, but in July, it seems this cryptocurrency has a great chance to finally break it. Every time a key resistance is tested by the price, the likelihood of it breaking increases. Currently, the buyers seem as if they’re about to make a third attempt at moving the price higher.

Chart by Trading View


The bias for ADA is neutral right now but can quickly turn bullish as soon if the key resistance is broken.

Short-Term Prediction for ADA Price

If buyers manage to break above $0.30, then ADA’s price will quickly move to $0.32 and $0.35, which are the next targets. However, if the breakout fails, then this cryptocurrency has good support at $0.26.


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making investment any decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source link

Leave a Comment