ADA Price Analysis: Cardano Hits $1.2 Resistance, What’s Next?

Key Support levels: $1, $0.78 

Key Resistance levels: $1.2, $1.6

Track live crypto price of 10000+ coins!

ADA’s bullish momentum took it all the way to $1.2, which was the main target for this rally. At the time of this writing, it seems unlikely for ADA to break above this level, and a short pullback might be in the cards. The major support is found at $1, but ADA may not fall that low if buyers remain interested.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is decreasing, and this supports the case for a short pullback as bulls may need to consolidate following the recent rally.

RSI: The daily RSI has reached the oversold area at over 70 points and is now curving down. A correction is likely.

Related:  Litecoin social engagement gains 21% amid the MimbleWimble upgrade

MACD: The daily MACD is bullish, but the histogram is making lower highs. This is a clear sign of momentum shifting in favor of the bears.

Chart by TradingView


The bias remains bullish so long ADA maintains a price above $1.

Short-Term Prediction for ADA Price

ADA may enter a short correction as the bulls have reached a critical level at $1.2. The price could fall back to the key support at $1, but in any case, it’s important to be prepared for volatility.

Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: