August 9, 2022

ADA Price Analysis: Cardano Surges Past $1, Here’s the Next Target

1 min read

Key Support levels: $1, $0.78 

Key Resistance levels: $1.2, $1.6

ADA’s bullish momentum has intensified in the past two days with a 20% rally which helped it break the $1 resistance as if it was not there. This key level has now turned into support, and the next resistance is found at $1.2. ADA looks very strong right now, but it’s important to remain vigilant and cautious during times of serious volatility.

Chart by TradingView

Technical Indicators

Trading Volume: The volume exploded in the last two days and continues to increase, making this a textbook bullish breakout.

RSI: The daily RSI has reached the oversold area at over 70 points. There may be more fuel left for the price to go higher, but it is time to be careful as ADA could get overextended soon.

MACD: The daily MACD is rushing higher, trying to catch up to the price. This is a good sign.

ADAUSDT_2022-03-24_16-53-58
Chart by TradingView

Bias

The current bias is bullish.

Short-Term Prediction for ADA Price

The next key resistance at $1.2 is an important level to consider, and ADA is approaching it quickly. However, a pullback is also not out of the question to let indicators cool off. It’s important to be careful.