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ADA Price Analysis: Cardano Attempts to Break Above $1.2, How High Can It Go?

Key Support levels: $1, $0.78 

Key Resistance levels: $1.2, $1.6

ADA’s bullish momentum continues with the price challenging the $1.2 resistance. The following major resistance after that would be at $1.6. The support at $1 seems less likely to be retested as $1.2 will turn into support if this price action is maintained.

ADAUSDT_2022-04-04_17-19-44
Chart by TradingView

Technical Indicators

Trading Volume: The volume is not great. Therefore, the strength of this push may come into question if it doesn’t pick up.

RSI: The daily RSI is quickly moving into the overbought area (>70 points). The RSI has to make a higher high to signal confidence in the current run.

MACD: The daily MACD is bullish and is curving back up again. This is good news, but the bulls have to maintain the buying pressure.

ADAUSDT_2022-04-04_17-20-03
Chart by TradingView

Bias

The bias for ADA is bullish.

Short-Term Prediction for ADA Price

After a short pullback, ADA seems keen to move higher again. If the price manages to turn $1.2 into support, then Cardano will have a clearer path to a higher valuation. The indicators support a bullish bias, but more volume would be welcomed to increase the confidence in this move.

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