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Ever since ADA found support at $0.55, the charts have been looking bullish. If buyers persist, then ADA is likely to move above the key resistance.
Key Support levels: $0.50, $0.55
Key Resistance levels: $0.64, $0.75
Despite a turbulent market that gives conflicting signals, ADA has been a consistent winner in the past few days. The price is now just under the key resistance at $0.64. If this momentum continues, buyers could take the cryptocurrency above and beyond. The key support is found at $0.55, and it held very well to date.
Chart by TradingView
Technical Indicators
Trading Volume: The buying volume has been very well sustained and has taken ADA back below the key resistance.
RSI: The daily RSI is also rallying and moving fast towards 60 points. This puts the RSI on the bullish side.
MACD: The daily MACD is bullish, and the histogram is making higher highs again. This is a great change of pace after the price consolidated earlier this week.
Chart by TradingView
Bias
The bias for ADA is currently bullish, and a break of the key resistance would reaffirm it.
Short-Term Prediction for ADA Price
As long as the buying volume remains steady, ADA is likely to break above $0.64. If successful, then it has a clear path towards $0.75 next.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.