Cardano Price Analysis: ADA Facing Critical Resistance Following 7% Weekly Gains
Key Support levels: $0.85
Key Resistance levels: $1, $1.1
ADA appears to be consolidating in a tight range between the $1 resistance and $0.85 support. While the indicators are turning bullish, the price action lacks momentum to take the cryptocurrency higher at the time of this post. Nevertheless, buyers may try to break above $1 again soon.
Technical Indicators
Trading Volume: The volume remains healthy, but appears insufficient to take ADA above $1 at this time.
RSI: The daily RSI has failed to move above 50 points and if ADA’s price cannot go above $1, then the RSI would confirm a lower high which could lead to a more significant pullback.
MACD: The daily MACD turned bullish yesterday. This is encouraging, but the momentum in the past month has been rather misleading and ADA’s price made lower lows.
Bias
The current bias is neutral. ADA seems unable to move away from its current range.
Short-Term Prediction for ADA Price
While the MACD would suggest ADA is ready to move above $1, the price action and volume do not give the same signal. ADA may need more time before a decisive move takes place.
OhNoRipple via https://www.ohnocrypto.com/ @Duo Nine, @Khareem Sudlow
