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    Home » Price Analysis » Cardano Price Analysis: ADA Attempts a Breakout Above $1.70 Following 25% Weekly Increase

    Cardano Price Analysis: ADA Attempts a Breakout Above $1.70 Following 25% Weekly Increase

    Author: Yaz Sheikh

    Last Updated May 31, 2021 @ 11:59

    ADA is up by a robust 25% this week as it kickstarts an attempted recovery above $1.50. Against bitcoin, ADA tests the upper angle of a symmetrical triangles.

    ADA/USD – Bulls Break Higher Above 50-day MA

    Key Support Levels: $1.50, $1.38, $1.35.
    Key Resistance Levels: $1.70, $1.80, $2.00.

    ADA dropped beneath $1.50 (50-day MA) over the weekend but managed to find solid support around $1.35 (100-day MA). This level was further bolstered by a rising trend line that has been in play since the end of April.

    More specifically, ADA closed the Saturday daily candle above $1.40 (.5 Fib) and rebounded back above $1.50 yesterday. Today, it has continued higher as it attempts to break a descending trend line from the May highs.

    adausd-may31
    ADA/USD Daily Chart. Source: TradingView

    ADA-USD Short Term Price Prediction

    Looking ahead, the first resistance lies at $1.70 (descending trend line and 20-day MA). This is followed by $1.80 (bearish .618 Fib), $2.00 (bearish .786 Fib), and $2.15 (bearish .886 Fib).

    On the other side, the first support lies at $1.50 (.382 Fib & 50-day MA). This is followed by $1.38 (.5 Fib), $1.35 (100-day MA & rising trend line), and $1.23 (long term .786 Fib).

    The RSI has returned to the midline, indicating indecision within the market. The bullish momentum should help ADA break the current descending trend line and head higher if it can continue higher. Additionally, the Stochastic RSI has been coiling and is primed for a bullish crossover signal.

    ADA/BTC – ADA Returns To Upper Angle Of Symmetrical Triangle.

    Key Support Levels: 4200 SAT, 4000 SAT, 3780 SAT.
    Key Resistance Levels: 4570 SAT, 4900 SAT, 5000 SAT.

    ADA has been trading in a symmetrical triangle pattern since mid-May. The coin found resistance at the upper angle toward the middle of last week as it attempted to break resistance at 4570 SAT (1.414 Fib Extension).

    It failed to break the resistance and ended up dropping into 4000 SAT over the weekend. It rebounded from there yesterday and is now testing the upper angle of the triangle once again today.

    adabtc-may31
    ADA/BTC Daily Chart. Source: TradingView

    ADA-BTC Short Term Price Prediction

    Moving forward, the first resistance lies at 4570 SAT (1.414 Fib Extension & upper angle of triangle). This is followed by 4900 SAT (1.618 Fib Extension), 5000 SAT, and 5500 SAT.

    On the other side, the first support lies at 4200 SAT (20-day MA). This is followed by 4000 SAT, 3780 SAT (.382 Fib), 3420 SAT (.5 Fib), and 3190 SAT (50-day MA).

    The RSI is showing weak bullish momentum. It would need to climb higher to provide a strong breakout of the current triangle and head toward 5000 SAT.

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    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.
    Tags: Cardano (ADA) Price
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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