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It looks like Cardano is about to make a significant move soon. Here are three technical indicators to watch.
Key Support Levels: $0.26, $0.24
Key Resistance Levels: $0.30, $0.32
1. Ascending Triangle
The price action of this cryptocurrency has formed a clear ascending triangle, as shown in the chart below. This opens up a possible breakout above the $0.30 resistance level. Since price is contracting at the top of this formation, ADA will have to decide on the way forward soon.
2. MACD Bullish Crossover
The 3-day MACD for Cardano suggests that a bullish crossover could occur this week. If so, then a breakout above $0.30 becomes more likely. On the daily time frame, the MACD is already turning positive, which currently favors the bulls.
3. Resistance to pressure
The $0.30 resistance kept ADA from moving higher in June, but in July, it looks like the cryptocurrency has a great chance to finally break it. Every time a key resistance is tested by the price, it becomes more likely to be broken. Currently, buyers feel as though they are about to make a third attempt to push the price higher.
Partiality
The bias for ADA is neutral for now, but there could be a bullish move as soon as the key resistance is broken.
Short term prediction for ADA price
If the buyers manage to break above $0.30, ADA price will move sharply towards $0.32 and $0.35, which are the next targets. However, if the breakout fails, the cryptocurrency has good support at $0.26.
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cryptocurrency chart by Tradingview.
