Cardano (ADA) forms bullish sentiments against holding (USDT) as Cardano (ADA) price aims to rally with an imminent break above the current resistance. Bitcoin’s (BTC) price showed great strength after closing the weekly candle higher, with the price above $21,700 for the first time in weeks. This has influenced most crypto assets including Cardano (ADA) as the price points break out. (data from Binance)
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Cardano (ADA) Weekly Chart Price Analysis
The ADA price has struggled to maintain the bullish momentum it has shown in recent months as the price has been rejected in the $3 bid zone for most sellers. Since then, ADA has had trouble figuring out the bullish momentum it has experienced, but with the upcoming “Vasil Hard Fork” there has been a growing feeling that the ADA price could hit $1. The Vasil Hard Fork is the last and long-awaited. Cardano network upgrades to improve the usability and scalability of the network.
The ADA price on the weekly chart looks good as the week closed higher with more bullish sentiments. The ADA price faces resistance to breaking above $0.54 as the price faces resistance to the uptrend.
ADA price needs to break this region for its price to trend higher towards $0.6 and possibly $1. ADA price needs to break and hold above this resistance to have a better chance of trading higher. If the ADA price breaks out on good volume, we may see the price go higher. If the ADA price fails, we could get a retest of $0.4, acting as a good demand zone for price selloff.
The general sentiment ahead of the ADA update is bullish, and we can expect further gains for the Cardano price.
Weekly ADA Price Resistance: $0.6-$1.
Weekly support at the ADA price – $0.4.
ADA price analysis on the daily chart (1D)
The daily time frame for ADA prices looks bullish, with prices looking to close the day higher after a good weekly candle close. ADA rallied from a daily low when the price broke above the 50 exponential moving average.
ADA price formed a bullish symmetrical triangle and broke out of this range on good volume as price looks to reverse the first major resistance in the 1D period at $0.56. If the ADA price fails to break above $0.56, we may see the price retest the lower $0.5 region to build volume for a potential rally above this price region.
On the daily time frame, the ADA price is currently trading at $0.514, holding above the 50 EMA. The $0.5 price corresponds to the 50 EMA, which supports the ADA price.
The ADA price needs to reverse the 200 EMA to assume a strong bullish price move. The $0.7 price coincides with the 200 EMA and is just below the 38.2% Fibonacci retracement (Fib) value for higher price moves.
The Relative Strength Index (RSI) for ADA is above 50 on the daily chart, indicating a high volume of buy orders.
Daily resistance for ADA price – $0.6-0.7.
Daily support for ADA prices: $0.5.
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