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Cardano Explodes 14% Daily, Here’s the Next Target (ADA Price Analysis)

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The price of ADA quickly jumped to key resistance as soon as it broke away from an important level.

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Key support levels: $0.55, $0.50.

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Key resistance levels: $0.64, $0.75.

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After consolidating for several days above key support at $0.55, ADA has finally moved towards resistance at $0.64. The price touched this level before the sellers acted and pushed the cryptocurrency to a pullback. It is possible that the bulls will try to move forward again in the short term.

Chart from TradingView

Technical indicators

Trading volume: Volume has exploded in parallel with price and if this momentum continues, then ADA could break key resistance.

Relative strength index: The daily RSI is back above 50 and if it can make a higher high, further gains are more likely.

MACD: The daily MACD continues to be bullish and this latest upward push has turned the histogram back into an uptrend.

ADAUSDT_2022-06-06_17-45-13
Chart from TradingView

Bias

The bias for ADA is bullish. To properly confirm this bias, ADA needs to break above $0.64 and hold that level.

Short term ADA price prediction

It looks like the ADA bulls are likely to try to test the critical resistance at $0.64 once more. If successful, the price will have open space to move much higher and towards $0.75.

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Disclaimer: The information found on Cryptooshalais the property of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency charts from TradingView.




Credit : cryptopotato.com

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