Briefly –
- ADA surged 35% from the lows it had over the past weeks.
- ADA’s price finally overpowered the midterm plunging trend.
- RSI remains coiled, waiting for a bullish break.
ADA Holds 200-MA after 2-Month Attempts
Cardano has maintained the $1.00 level for several months now as the asset’s bulls hold ADA from trading beneath. That way, Cardano has accumulated enough strength as it still traders 4000% high in one year.
Meanwhile, Cardano dipped to a local low some weeks ago before the recent 35% ADA surge. That is an impressive rally for crypto. For now, Cardano has chances to fluctuate towards and over $1.40.
Remember that ADA has seen its price bouncing off the critical support area from $0.98 to $1.03 twice. That formed a double bottom that might not hold for long. Meanwhile, the last day’s sessions had Cardano overcoming its midterm price trends and maintained since.
Cardano has traded beneath the mid-term line for almost two months. If it sustains its price actions over this zone, ADA will have a chance to rally over $1.40.
Price Analysis
The past day’s ADA sessions saw the altcoin holding the 200 MA as its support. The asset has never reached the mark for more than two months. With that, Cardano appears to experience a trend shift after struggling with downtrends for the past few months.
While publishing this content, ADA hovers over its minor support zone at $1.34. If bears emerge to push Cardano beneath this level, ADA will secure support at the 200 Moving Average, which meets with $1.27, critical support. Any losses beneath these two levels will translate to heavy selling.
Relative Strength Index (RSI)
The RSI indicator shows an emerging colossal bullish flag. If the strength breaks above the upper trend line, the indicator will move towards the overbought regions. That way, ADA might surge to its first target.
Moving Average Convergence Divergence (MACD)
MACD consolidate over the zero (0) value, indicating another bullish run.
With its current attitude, ADA might break above $1.5 in the coming sessions.
Intraday Analysis
- Spot rate – $1.36
- Trend – bullish
- Volatility – medium
- Support level – $1.34
- Resistance level – $1.38
