Cardano (ADA) Ready to Slingshot! Have You Invested?
Cardano has been through some tough times, and investors have been mostly sitting on position losses. With each upside hit, ADA continues to excite and give new hopes to the investors.
Cardano Technical Analysis
After prolonged negative stress and retesting on long-term support levels, Cardano is all gearing up towards a major upside move. Not only did this asset take support from its long-term moving average of 200 days, but it also respected its historical buying zone. Compared to other crypto assets, ADA doesn’t only feel more technically strong but showcases its strength in real-time with strong upswings. For detailed technical analysis, continue reading.
100 Day Moving Average- $1.4374
200 Day Moving Average- $1.01
Immediate Resistance Levels- $1.50
Immediate Support Levels- $1.00
ADA, the cryptocurrency of Cardano, has sound fundamentals; it even seems stronger on price action and trend line since breaking the trendline in reverse action. After retracting from the support level of $1, ADA has moved about 35% high in a matter of days. The support is also near its 200 days moving average line. For now, Cardano investors need only worry about the lowering volumes. Larger volume ensures higher price action and vice versa. While the LTP of $1.3359 is a decent valuation, the real value should rise.
The first resistance ADA would face is around the 100 DMA at $1.44 and then face the resistance around $1.50. From the current valuation, the resistance zone is about 30% higher. Caution in those zones is required as a sell-off can push ADA price back to the 200 DMA line. Other than moving averages and resistances, the change in MACD direction could be a definitive event for clear market momentum.
MACD is heading towards a golden crossover event again; the last possibility on June 02, 2021, was dismissed by a slew of crypto market news relating to the ban of trading and mining companies. This time, the situation is ripe and requires a golden crossover to push the Cardano price above the $1.50 range towards uncharted territory.
ADA shows a distinctive price action on hourly charts by consistently creating fresh highs on short-term charts and retracting to higher lows. With each recent low ending above the previous one, investors’ confidence will take a slight jump and start to push towards the higher levels. Such a price action on continued charts can relay ADA towards the resistance zones in a matter of days, assessing its strength in real-time.
RSI on hourly charts is indicating a histogram level of 58, heading higher. The RSI charts can change as per the chart style. Heiken Ashi charts create an RSI level much higher than the one in real-time. According to our ADA price prediction, the situation is ripe for traders and headed towards a good momentum. With some discipline, one can easily create a suitable buying range. In case you bought much lower and are sitting on profits, make it a habit of booking some profits. Since ADA has been volatile in the last few months, it can quickly eat up all your gains.
Rest assured, Cardano will soon be testing the resistance zones with hopes of reaching a newer monthly high above the $1.50 range.
