Cardano had a fantastic rally so far, but can it sustain it?
Key Support levels: $0.38
Key Resistance levels: $0.42
With sellers unable to stop the bullish momentum, ADA is found just under 40 cents and may even go all the way to the resistance at 42 cents. The support at 38 cents has held well during the retest earlier this week and may serve as a catalyst toward a higher valuation.
Trading Volume: The decent buy volume has kept sellers in control of the price action. This seems unlikely to change until the price hits 42 cents.
RSI: The daily RSI is above 50 points, and seems keen to stay there. This is a bullish signal.
MACD: The daily MACD is bullish, and the moving averages appear ready to expand again. This indicates a new impulse up is becoming more likely.
The bias for ADA is bullish.
With the uptrend showing no signs of weakness, ADA appears likely to reach 42 cents. In the past, the sellers managed to interfere and halt upswings at that level, so all eyes are on this resistance to see if this time it will be different.
Duo Nine is a crypto educator and a seasoned technical analyst with over seven years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left this space. He also has a cool crypto community on Discord with over 3,500 members where he posts charts, opinions on the market and guides new members. Contact: Twitter | Community
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