fxs_header_sponsor_anchor

Cardano Price Analysis: ADA/USD is on fire, gains over 1% in a matter of minutes

  • ADA/USD got a boost after a move above channel resistance.
  • The further upside may be limited by $0.0600 in the short run.

Cardano (ADA) is changing hands at $0.0590 amid strong bullish sentiments. The coin has gained over 1% in a matter of minutes and the upside trend is gaining traction. The coin has been oscillating in a tight range limited by $0.0555 on the upside an $0.0540 on the downside for the best part of the day. 

A strong move above the channel resistance increased the upside impulse and pushed the price to the critical $0.0600. If this barrier is cleared, we may see another bullish wave with the next target at $0.0650.

The RSI on a 1-hour chart has started a reversal from an overbought territory, which means the short-term bullish momentum is fading away and ADA/USD may retest the former resistance of $0.0555 before another growth attempt.

ADA/USD: Technical picture

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.