Sunday , November 24 2024
Home / Crypto news / Cardano Price Analysis: ADA Signals Bullish Divergence, a Retest of $1.3 Incoming?

Cardano Price Analysis: ADA Signals Bullish Divergence, a Retest of $1.3 Incoming?

Summary:
Despite ADA dropping to support, it has formed a bullish divergence, indicating a possible move higher soon. Key Support levels: .2, Key Resistance level: .3, .5 ADA retested the support at .2 yesterday, making a lower low. However, the RSI has made a higher low, signaling a bullish divergence. So long the key support level holds, ADA has a good chance of getting back into the uptrend and maybe attempting to break out of the resistance at .3. Chart by TradingViewTechnical Indicators Trading Volume: Volume is low, but this is typical for weekends. The coming weekdays may bring some much-needed volatility back to ADA. RSI: As mentioned above, there is a bullish divergence at the daily RSI. This is a positive sign for buyers and may give them the momentum needed

Topics:
Duo Nine considers the following as important: , , ,

This could be interesting, too:

Dimitar Dzhondzhorov writes Important Binance Announcement Affecting Certain XRP, ADA, and DOGE Traders: Details

Jordan Lyanchev writes Cardano (ADA), Ripple (XRP) Defy Market Sentiment With Double-Digit Price Surges: Details

Jordan Lyanchev writes How High Can Cardano (ADA) Go With Hoskinson Helping Create US Crypto Policy?

Dimitar Dzhondzhorov writes Top 10 Cryptocurrencies by ‘Notable Development Activity’ (Santiment)

Despite ADA dropping to support, it has formed a bullish divergence, indicating a possible move higher soon.

Key Support levels: $1.2, $1

Key Resistance level: $1.3, $1.5

ADA retested the support at $1.2 yesterday, making a lower low. However, the RSI has made a higher low, signaling a bullish divergence. So long the key support level holds, ADA has a good chance of getting back into the uptrend and maybe attempting to break out of the resistance at $1.3.

Chart by TradingView

Technical Indicators

Trading Volume: Volume is low, but this is typical for weekends. The coming weekdays may bring some much-needed volatility back to ADA.

RSI: As mentioned above, there is a bullish divergence at the daily RSI. This is a positive sign for buyers and may give them the momentum needed to escape from this area and break higher.

MACD: The MACD on the daily timeframe did a crossover to the positive side last week. The bulls maintained this momentum so far despite the support level being retested. If this continues, ADA will likely attempt a rally soon.

Chart by TradingView

Bias

The current bias is neutral. If ADA can break above the key resistance at $1.3 and close above it then the bias can change to bullish.

Short-Term Prediction for ADA Price

ADA’s price is just above the key support at $1.2, and it will likely stay here until momentum changes; of course, this is also dependent on the overall crypto market’s momentum. The indicators support the option of retargeting the $1.3 resistance, but this has yet to be seen during the next week.

About Duo Nine

Leave a Reply

Your email address will not be published. Required fields are marked *