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Cardano Price Analysis: ADA Soars 10% Daily, $0.75 Inbound?

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Ever since the ADA found support at $0.55, the charts look bullish. If buyers persist, then ADA is likely to exceed key resistance.

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Key support levels: $0.50, $0.55.

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Key resistance levels: $0.64, $0.75.

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Despite the turbulent market, which gives conflicting signals, ADA has consistently won over the past few days. The price is now just below the key resistance at $0.64. If this momentum continues, buyers could take the cryptocurrency higher and higher. Key support is at $0.55 and it is holding up very well to date.

Chart from TradingView

Technical indicators

Trading volume: Buying volume was very robust and brought ADA back below key resistance.

Relative strength index: The daily RSI is also rising and is rapidly approaching 60 points. This puts the RSI on the bullish side.

MACD: The daily MACD is bullish and the histogram is making higher highs again. This is a big change of pace after the price consolidated earlier this week.

ADAUSDT_2022-06-08_15-03-37
Chart from TradingView

Bias

The bias for ADA is currently bullish and a break of key resistance would confirm this.

Short term ADA price prediction

As long as buying volume remains stable, ADA is likely to top $0.64. If successful, he has a clear path to the next $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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