Cardano, (ADA), forms bullish sentiments towards tether USDT as the Cardano price (ADA) aims higher in the event of a breakout above current resistance. Bitcoin’s (BTC), which closed the week on a high with a weekly candle, showed strong strength. It topped $21,700 the first time it had been above for weeks. Cardano (ADA) is one of the most affected crypto assets. The price aims for a breakout. (Data from Binance).
Cardano (ADA), Price Analysis on The Weekly Chart
The price of ADA is having trouble maintaining its bullish momentum as the price has been rejected from the $3 zone acting supply area for most sellers.
ADA has since struggled to discover the bullish momentum it experienced, but with the upcoming “Vasil Hard Fork,” there has been growing sentiment of the price of ADA going to as high as $1. Vasil Hard Fork, the most anticipated upgrade to the Cardano network in order to increase its usability and scaleability is now available.
The weekly price chart for ADA looks positive as it is bullish and has more bullish sentiments. As resistance to rising above $0.54, the price of ADA faces resistance.
ADA’s price needs to break above this region for its price to trend higher to $0.6 and possibly $1. To trade higher, the price of ADA has to break above and stay above this resistance. We could see ADA’s price rising if it breaks out in volume. If the price of ADA falls, there could be a retest at $0.4, which would provide a strong demand area for price selling.
The overall sentiment ahead of ADA’s upgrade is bullish, and we could expect more upside for the price of Cardano.
Weekly resistance for the price of ADA – $0.6-$1.
Weekly support for the price of ADA – $0.4.
Price Analysis of ADA on the Daily (1D), Chart
The daily timeframe for ADA price movements looks bullish. After a positive weekly candle close, prices are likely to end the day on a new high. The price of ADA rose from a daily low to break above the 50 Exponential Movement Average.
The price for ADA broke out from the range in a bullish symmetric triangular pattern. With a lot of volume, the price is looking to break the $1D major resistance of $0.56.
If the price of ADA falls below $0.56 we might see it retesting $0.5 in an attempt to increase volume and build up to a rally higher than that region.
Today, the price for ADA trades at $0.514, above its 50 Exponential Moving average (EMA). The price at $0.5 is the 50 EMA which supports the price for ADA.
To assume a bullish price trend, the price of ADA must flip 200 EMA. For higher prices, the $0.7 price corresponds with the 200 EMA. It is also just below 38.2% Fibonacci(Fib) retracement values.
Relative Strength Index (RSI for ADA) is greater than 50 on the daily graph, which indicates high order volumes.
Daily resistance for the ADA price – $0.6-0.7.
Daily support for the ADA price – $0.5.
Featured image from zipmex. Charts From