ADA Skyrockets 7% Daily But Will $0.55 Fall? (Cardano Price Analysis)

ADA’s price rallied over 20% in the past three days and is now found below a key resistance.

Key Support levels: $0.50, $0.45 

Key Resistance levels: $0.55, $0.66 

After Cardano turned the $0.50 level into support, the price quickly moved higher to the key resistance at $0.55. ADA is more likely to pull back here, and this would be a test to see if the buyers have sufficient momentum to attempt a break higher towards $0.66.

Chart by TradingView

Technical Indicators

Trading Volume: The volume went up as ADA’s price increased. This is bullish and if momentum maintains, then ADA could run higher.

RSI: The daily RSI is close to the overbought zone at 70 points. The price can still go higher before a significant correction.

MACD: The daily MACD is bullish, and momentum improved significantly, as shown by the histogram in the past three days.

Chart by TradingView

Bias

The bias for ADA is bullish.

Short-Term Prediction for ADA Price

Having managed to reach a price above half a dollar, ADA is experiencing a strong uptrend which could push it above the current range that has key resistances at $0.55 and $0.66. If buyers remain interested, then a breakout above $0.55 is very likely in the near future.

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