Will ADA Explode Above $0.3 This Week? Three Things to Watch (Cardano Price Analysis)

CryptoPotato

2023-07-11 11:37:13

Cardano looks like it’s about to make a significant move soon. Here are three technical indicators to watch.

Key Support levels: $0.26, $0.24

Key Resistance levels: $0.30, $0.32

1. Ascending Triangle

The price action of this cryptocurrency has formed a clear ascending triangle, as highlighted in the below chart. This makes a possible breakout above the resistance at $0.30 likely. Since the price is being compressed at the apex of this formation, ADA will have to decide fairly soon on the way forward.

Chart by TradingView## 2. MACD Bullish Crossover

The 3-day MACD of Cardano shows that a bullish crossover may happen this week. If so, then a breakout above $0.30 becomes more probable. On the daily timeframe, the MACD is already positive, which gives bulls the upper hand right now.

Chart by TradingView## 3. Resistance Under Pressure

The resistance at $0.30 has kept ADA from moving higher in June, but in July, it seems this cryptocurrency has a great chance to finally break it. Every time a key resistance is tested by the price, the likelihood of it breaking increases. Currently, the buyers seem as if they’re about to make a third attempt at moving the price higher.

Chart by TradingView## Bias

The bias for ADA is neutral right now but can quickly turn bullish as soon if the key resistance is broken.

Short-Term Prediction for ADA Price

If buyers manage to break above $0.30, then ADA’s price will quickly move to $0.32 and $0.35, which are the next targets. However, if the breakout fails, then this cryptocurrency has good support at $0.26.

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