Cardano Price Analysis – ADA/USD Breaking Through $0.3550

Cardano Breaking

Key Highlights:

  • Cardano’s price recovered gradually during today’s session, now trading at about $0.3555
  • ADA was able to hold a support level around $0.3000, now forming a bullish trend line
  • ADA fought off several lows in the last few hours, now testing a resistance of $0.3600

Cardano Breaking Through $0.3555

ADA price has recently broken through the $0.3555 level, which means it is now above the previously established resistance of $0.3380. Now, the coin is on a bullish trend testing a resistance of $0.3600, so investors will need to check if that holds for it to jump higher than the current price of $0.3400 (at the time of writing).

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Surpassing $0.3555 was especially significant since it gives ADA a higher probability to go beyond $0.3600.

Cardano Breaking

Source: Tradingview

However, investors should note that Cardano is fast approaching overbought territory (based on the RSI indicator), and volume has been slowly picking up. A good sign is that the MACD indicator is reaffirming the bullish trend shown in the recent hours.

Looking at the Technicals:

  • MACD — the MACD indicator is showing a bullish signal
  • RSI — the RSI indicator for ADA shows that the coin is nearing overbought territory
  • Major Support Level — $0.3400
  • Major Resistance Level — $0.3600

Featured Image: twitter

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