ADA Price Analysis: Cardano Hits $1.2 Resistance, What’s Next?
The post ADA Price Analysis: Cardano Hits $1.2 Resistance, What’s Next? appeared on BitcoinEthereumNews.com. Key Support levels: $1, $0.78 Key Resistance levels: $1.2, $1.6 ADA’s bullish momentum took it all the way to $1.2, which was the main target...
Key Support levels: $1, $0.78
Key Resistance levels: $1.2, $1.6
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 TradingViewTechnical 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.
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 TradingViewBias
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.
Source: https://cryptopotato.com/ada-price-analysis-cardano-hits-1-2-resistance-whats-next/
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