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Cryptoknowmics 2022-06-29 07:28:41

ADA Technical Analysis: Cardano Set to Break Above the $0.550 Resistance

ADA Technical Analysis: Cardano Set to Break Above the $0.550 Resistance

Key technical points: The market price has decreased by 3% in the last 24 hours. Cardano is currently trading at $0.467. The closest resistance is found at $0.550. Past Performance of ADA Cardano prices have increased by 4% over the past 7 days. The cryptocurrency is currently trading at $0.467, slightly below its 30-day high of $0.473. The market price has been bearish since March 12th, after it struck a high at $0.68. It dropped to as low as $0.42 on April 6th, a 38% decline from the high. The market has been consolidating between $0.42 and $0.50 since April 6th. The next few days will be crucial for the market as it attempts to break out of this consolidation phase. If Cardano price can break above the $0.5535 resistance level, it would signal that the market is ready to resume its uptrend. The following major resistance levels are found at $0.60 and $0.65. On the other hand, if prices fail to break above $0.5535, they could retest the $0.50 support level. A break below $0.50 could trigger a sell-off that lowers prices to the $0.42 support level. ADA Technical Analysis The MACD line has crossed over the red signal line indicating the bullish pressure is more than the selling pressure in the market. The RSI indicator is currently in the neutral zone. The market price is likely to resume its uptrend soon. The formation of the bullish engulfing candle pattern on the 4-hour chart indicates that the market is ready to resume its...

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