ADA Up 16% Daily, Here’s the Next Big Target (Cardano Price Analysis)

Cardano’s price is up a whopping 30% over the past seven days, with the majority of those gains occurring in the last 24 hours.

Key support levels: $0.30, $0.24

Key resistance levels: $0.34, $0.38

Cardano did not disappoint as it started this week by booking a massive rally, with a 16% price increase over the past 24 hours. In the process, ADA turned the $0.30 resistance into support. This pushed the price all the way to $0.34, which is likely to be a hard level to break through.

At the time of this post, bears have managed to reject price at key resistance. It remains to be seen if the rally will continue.

Charts by TradingView

Trading volume: Trading volume skyrocketed during this rally, reaching levels not seen since November 2022.

RSI: Surprisingly, the daily RSI is overbought at 73 points. This indicates a strong bullish momentum.

MACD: The daily MACD is bullish and the histogram is making higher highs. As long as this continues, the bias will remain positive.

ADAUSDT_2023-01-09_13-10-19
Charts by TradingView

prejudice

The bias for ADA is bullish.

Short-term ADA price forecast

The biggest challenge facing ADA is a break above the $0.34 resistance. If successful, it could quickly approach 38 cents, where it will likely encounter another bump from the bears. The $0.30 support is the first barrier to stop the selling pressure, should it occur.

ADA Skyrockets Post 16% Daily This is the Next Major Target (Cardano Price Analysis) that appeared first on CryptoPotato.

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