Cardano Market Update: ADA/USD breakout from trendline support draws nearer to $0.1
|- Cardano renews the bullish trend, taking the fight back to $0.08 in a bid to overcome the seller congestion at $0.1.
- ADA/USD is in the hands of the buyers as observed with both the RSI and the MACD.
Cardano continues to be one of the most active cryptocurrencies among the top 100. ADA/USD led crypto recovery last week to the extent of testing the critical $0.08. Although there was a brief break above $0.08, a reversal ensued leading to the retest of the support at $0.07. At the time of writing, ADA/USD has recovered to $0.0779, adding more than 1% to its value in a span of five minutes.
Looking at the applied technical pictures, ADA is poised for more action on Monday. It is probable that the European session will be characterized by increased buying activities. The RSI, for example, is settling in the overbought region (in the 4-hour range). Moreover, the MACD suggests the prevailing trending is fully in favor of the bulls. A wide bullish divergence above the MACD clearly shows that bulls are in control.
Since $0.08 has already been broken through before, another break is possible. It is apparent that a second break would pave the way for gains towards the coveted $0.1. Investors continue to take their positions to ensure that a highly anticipated rally due to the upcoming Shelly upgrade does not bypass them.
ADA/USD 4-hour chart
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