Cardano Technical Analysis: ADA/USD bulls target $0.73 resistance
|- Daily ADA/USD chart is comfortably trending above the SMA 20, SMA 50, and SMA 100 curves.
- Bulls will look to breach past resistance at $0.73 and then break the $0.75 level.
ADA/USD daily chart (Kraken)
- The last two sessions of the ADA/USD daily chart forms a bullish engulfing pattern as the price currently consolidates.
- The price is comfortably trending above the 20-day simple moving average (SMA 20), SMA 50, and SMA 100 curves.
- The relative strength index (RSI) curve is currently trending inside the overbought territory.
ADA/USD 4-hour chart (Kraken)
- The moving average convergence divergence (MACD) indicator shows that the signal line is about to converge with the MACD line. This indicates that the momentum is going to shift towards the bulls.
- The 20-day Bollinger band is widening which indicates increasing volatility.
- The ADA/USD 4-hour chart is trending on and above the upper curve of the Bollinger band.
ADA/USD hourly chart (Kraken)
- The ADA/USD hourly chart has had a bullish breakthrough from the red cloud of the Ichimoku indicator.
- The price is currently in a consolidation phase.
- The last six sessions of the Elliot Wave Oscillator shows increasing bullish momentum.
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.