ADA Soars 13% Daily as Buying Volume Highest Since August (Cardano Price Analysis)

Cardano surprised the market with a significant rally yesterday once sentiment turned bullish. Now the price is found at a critical resistance.

Key Support levels: $0.38, $0.33

Key Resistance levels: $0.42, $0.50

ADA has finally managed to reverse the downtrend and rally. Buyers were aggressive and took the price all the way to the key resistance at $0.42 after breaking above $0.38, which has turned into the current support. This sharp increase turned ADA into one of the best performers during yesterday’s market rally.

Technical Indicators

Trading Volume: The volume exploded yesterday, reaching levels not seen since August. If buyers can sustain this momentum, then ADA may move much higher.

RSI: The daily RSI quickly left the oversold area and moved above 50 points, which places this indicator on the bullish side.

MACD: The daily MACD is bullish, and the most recent action will consolidate this reversal.

Bias

The bias for ADA is bullish.

Short-Term Prediction for ADA Price

ADA has put out a great performance this week, which may allow it to turn the sentiment around. If bulls continue like this, they may even push the price to $0.50. The biggest obstacle towards that is breaking the current resistance at $0.42, which has put a break on this rally.

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