Chart by TradingView
Cardano surprised the market with a significant rally yesterday once sentiment turned bullish. Now the price is found at a critical resistance.
Key Support levels: $0.38, $0.33
Key Resistance levels: $0.42, $0.50
ADA has finally managed to reverse the downtrend and rally. Buyers were aggressive and took the price all the way to the key resistance at $0.42 after breaking above $0.38, which has turned into the current support. This sharp increase turned ADA into one of the best performers during yesterday’s market rally.
Trading Volume: The volume exploded yesterday, reaching levels not seen since August. If buyers can sustain this momentum, then ADA may move much higher.
RSI: The daily RSI quickly left the oversold area and moved above 50 points, which places this indicator on the bullish side.
MACD: The daily MACD is bullish, and the most recent action will consolidate this reversal.
The bias for ADA is bullish.
ADA has put out a great performance this week, which may allow it to turn the sentiment around. If bulls continue like this, they may even push the price to $0.50. The biggest obstacle towards that is breaking the current resistance at $0.42, which has put a break on this rally.
