ADA Price Prediction: Key Resistance Breakout Sets Cardano Price for 9% Upswing

ADA Price Prediction: defying the widespread uncertainty in the crypto market, the Cardano coin price has shown a steady recovery over the past three weeks. The series of higher highs and higher lows is one of the key traits for an established uptrend indicating the ADA price may witness prolonged recovery in the coming weeks. Moreover, the technical chart shows the formation of a parallel channel pattern giving a specific direction to the ongoing rally.

Key Points: 

• A bullish breakout of $0.38 resistance opens the doors for a potential rally to $0.42
• A bullish crossover between the 50-and-100-day EMA encourages more buying orders in the market
• The intraday trading volume in the ADA coin is $539 Million, indicating an 8.9% gain

Source- Tradingview

For the past three weeks, the Cardano price rally has been resonating between two trendlines of the parallel channel pattern. Under the influence of this pattern, the coin price nearly managed to recover the entire losses witnessed from Mid-February to Mid-March.

Amid this recovery, the ADA price breached a weekly resistance of $0.385, intensifying the underlying bullish momentum. This breakout should offer buyers a strong footing to prolong the bullish recovery.

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However, the Cardano price currently trades at the $0.39 mark and shows a rejection sign at the pattern’s resistance trendline. This rejection indicates another minor pullback is plausible to retest the breached resistance or lower support trendline before the recovery rally resumes.

Moreover, the coin holders can maintain a bullish sentiment until the channel pattern is intact.

Technical Indicator. 

Relative Strength Index: the daily RSI slope gradually rising into the bullish territory indicates the market sentiment favors further rally.

Bollinger Band: the midline of the Bollinger band indicator also offers dynamic support to the rising price adding up an extra edge on the buyers’ side

Cardano Coin Price Intraday Levels

• Spot price: $0.391
• Trend: Bearish
• Volatility: Low
• Resistance level- $0.42 and $0.46
• Support level- $0.38 and $0.35