Cardano Price Analysis: ADA breaks the previous wave high

Cardano trades over 5% higher as the altcoin is one of the clear outperformers.
The price is now consolidating about the 50.00 psychological level.

Rajan Dhall, MSTA FX Daily

ADA/USD 4-hour chart

Cardano has been pushing higher in recent sessions and has taken out the 0.5448 level. The price recently bounced off the 55 exponential moving average (EMA). The price could now push higher and the blue zone above the current level close to 0.6250 could be the next resistance.

On the downside, there is lots of traffic if the price moved lower. The 55 and 200 moving averages could play an important role and beyond that 0.04439 (red) horizontal level could stem any losses.

Lastly, on the plus side for the bulls, the volume indicator is showing that there are big spikes when the candles turn positive. Unfortunately on this most recent break, the volume was lighter which could suggest a false break.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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