ADA Price Analysis: Why Cardano (ADA) May Finally Push Above $1.5 After 2 Months [Live Chart]

  • ADA price revived 35% off its low set a few weeks back
  • ADA Price has finally cleared mid term downtrend
  • RSI is sitting coiled awaiting a bullish break

Cardano (ADA) Price Holds 200 MA For First Time in 2 Months

Cardano price has been holding the $1.00 mark for many months now as bulls refuse to let it trade below. This has shown great strength for Cardano as it still holds over 4000% of gains since last year. Over the past few weeks the crypto market found at local bottom and ADA is up nearly 35% since. This is a decent revival but using data from other coins performance, ADA price should be soon ready for a larger pump above $1.40.

While looking at the lowest major support zone from $0.98-$1.03, we can see how price has bounced off this zone twice. This is considered a double bottom and confirms a bottom is surely in for some time. Just over the last day Cardano price has finally cleared over its mid term trend line and has since held.

This is a great sign as price was stuck under it for nearly 2 months. Continuing to hold over this mark will likely set ADA up for a run past $1.40.

ADA Price Analysis: ADA/USDT 4 Hour Chart

Live Chart

TradingView Chart Snapshot

Just yesterday, ADA held the 200MA as support for the first time in over 2 months. This shows the trend shift is underway after months of downtrending. At the time of writing, price is sitting just above the minor support zone of $1.34. In the case bears take control and push ADA below this value, price will find support at its 200MA which is also met with a major support of $1.27. Anything below these two marks will likely trigger another cascade of selling.

  • RSI: While we view the relative strength index, we can see a large bullish flag has been forming. Once the strength can break over the top trend, we can expect a push to overbought territory which will likely be coupled with a price surge to the first given target.
  • MACD:The MACD is consolidating tight above the 0 value which is a good sign that bulls are getting ready for another bullish push. 

ADA Price Intraday Analysis

  • Spot rate: $1.36
  • Trend: Bullish
  • Volatility: Medium
  • Support: $1.34
  • Resistance: $1.38

The post ADA Price Analysis: Why Cardano (ADA) May Finally Push Above $1.5 After 2 Months [Live Chart] appeared first on Coingape.

Publication date: 
08/05/2021 - 06:26

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