Chart by TradingView
Cardano looks like it’s about to make a significant move soon. Here are three technical indicators to watch.
Key Support levels: $0.26, $0.24
Key Resistance levels: $0.30, $0.32
The price action of this cryptocurrency has formed a clear ascending triangle, as highlighted in the below chart. This makes a possible breakout above the resistance at $0.30 likely. Since the price is being compressed at the apex of this formation, ADA will have to decide fairly soon on the way forward.
The 3-day MACD of Cardano shows that a bullish crossover may happen this week. If so, then a breakout above $0.30 becomes more probable. On the daily timeframe, the MACD is already positive, which gives bulls the upper hand right now.
The resistance at $0.30 has kept ADA from moving higher in June, but in July, it seems this cryptocurrency has a great chance to finally break it. Every time a key resistance is tested by the price, the likelihood of it breaking increases. Currently, the buyers seem as if they’re about to make a third attempt at moving the price higher.
The bias for ADA is neutral right now but can quickly turn bullish as soon if the key resistance is broken.
If buyers manage to break above $0.30, then ADA’s price will quickly move to $0.32 and $0.35, which are the next targets. However, if the breakout fails, then this cryptocurrency has good support at $0.26.
