Cardano Attempts to Break Above $1.2, How High Can It Go?


Key Support levels: $1, $0.78 

Key Resistance levels: $1.2, $1.6

ADA’s bullish momentum continues with the price challenging the $1.2 resistance. The following major resistance after that would be at $1.6. The support at $1 seems less likely to be retested as $1.2 will turn into support if this price action is maintained.

ADAUSDT_2022-04-04_17-19-44
Chart by TradingView

Technical Indicators

Trading Volume: The volume is not great. Therefore, the strength of this push may come into question if it doesn’t pick up.

RSI: The daily RSI is quickly moving into the overbought area (>70 points). The RSI has to make a higher high to signal confidence in the current run.

MACD: The daily MACD is bullish and is curving back up again. This is good news, but the bulls have to maintain the buying pressure.

ADAUSDT_2022-04-04_17-20-03
Chart by TradingView

Bias

The bias for ADA is bullish.

Short-Term Prediction for ADA Price

After a short pullback, ADA seems keen to move higher again. If the price manages to turn $1.2 into support, then Cardano will have a clearer path to a higher valuation. The indicators support a bullish bias, but more volume would be welcomed to increase the confidence in this move.

SPECIAL OFFER (Sponsored)

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

Related:  $1 Million Draw Winners of LBlock Shared Their Story

PrimeXBT Special Offer: Use this link to register & enter POTATO50 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 any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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

Google Play

Source link

Share this article: