A look at the Weekly chart or ADA shows that the price is facing close resistance from the 50-period moving average.
The past six weekly candles have been bullish and the current one is a bullish engulfing. After making a bottom near $0.03, the price is currently trading at $0.072.
The price is trading below and facing very close resistance from the 50-period MA.
The MACD is moving upward with strength and is almost positive.
The RSI is at 54, indicating neither overbought nor oversold conditions.
There is a significant resistance area between $0.07 and $0.08
A look at the 3-day chart gives us a minor support area near $0.06 and the closest resistance area near $0.08.
Also, we can see that the price has moved above the 50-period moving average but below the 100-period one.
After a long period of growth, the MACD is finally into positive territory. The RSI is at 75, indicating overbought conditions, but is not positive yet.
Also, the price is following an ascending support line for the past 107 days.
A look at the Daily chart shows that the price is trading inside a parallel ascending channel. It is trading very close to the resistance line of the channel.
The MACD is at a high point and moving upward and the RSI is in overbought territory but not divergence is present yet. The price is above all the moving averages.
Short-Term Outlook and Price Prediction
A look at the six-hour chart shows that there is significant bearish divergence developing in the RSI and the MACD, the latter of which is close to making a bearish cross.
I believe that during the next week price will drop to the minor support area
- There is resistance near $0.08.
- There is support near $0.06.
- Price is moving inside an ascending channel.
- There is bearish divergence developing.
Cardano (ADA) Price Prediction: Is ADA Targeting Higher Prices? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.