Chart by TradingView
As the market was surging, Cardano also managed to break the key resistance at 44 cents.
Key Support levels: $0.38, $0.42
Key Resistance levels: $0.44, $0.48
ADA made a higher high this week and managed to briefly take the price above the key resistance at 44 cents. Since then, sellers pushed back, and the battle is on at this key level.
If the buyers are successful, the next level of resistance is at 48 cents. As long as the price remains in its ascending channel (see chart below), the bias is bullish.
Trading Volume: Strong buy volume propelled the price higher. However, in the last two days, sellers had the upper hand and took the price back to 44 cents.
RSI: The daily RSI briefly went into the overbought area above 70 points and is now hovering just under it. This is a bullish signal.
MACD: The daily MACD remains bullish, and momentum could pick up again to challenge the next level of resistance.
The bias for ADA is bullish.
If buyers manage to turn the 44 cents level into key support, then the race will be on to reach the next target at 48 cents.
