Biggest Challenge for Cardano Ahead Following 45% Monthly Surge (ADA Price Analysis)

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Cardano’s price man­aged to steadi­ly push high­er day after day. But for how long can the bulls keep the ral­ly alive?

Key Sup­port lev­els: $0.36 

Key Resis­tance lev­els: $0.40

As the price con­tin­ues its ascend, ADA will face a sig­nif­i­cant chal­lenge the $0.40, where the expec­ta­tion is for sell­ers to make a stand. In the past, this lev­el reject­ed the price and was fol­lowed by a steep cor­rec­tion. This may hap­pen again, and if it does, there is sup­port at $0.36.

ADAUSDT_2023-01-24_13-57-16
Chart by TradingView

Trad­ing Vol­ume: The vol­ume con­tin­ues to be high, with strong inter­est from buy­ers in the past week.

RSI: The RSI is sit­ting above 80 points, plac­ing it in the over­bought area. Nev­er­the­less, this is also a sig­nal of strong bull­ish momentum.

MACD: The dai­ly MACD is bull­ish, but the his­togram is falling, which shows buy­ers are becom­ing weak­er with time. This could be exploit­ed by bears once the price hits the key resistance.

ADAUSDT_2023-01-24_13-57-27
Chart by TradingView

Bias

The bias for ADA is bullish.

Short-Term Prediction for ADA Price

ADA has suc­cess­ful­ly passed sev­er­al key resis­tance lev­els at $0.30 and $0.36, which are now act­ing as sup­port. How­ev­er, the biggest test is still ahead, and it would be inter­est­ing to see if ADA will break above $0.40 after such a rally.

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

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