Cardano Price Analysis: ADA/USD flies up by 13.85% amid bullish dominance

ADA/USD finds immediate resistance at the SMA 200 curve.
ADA/USD has broken above the 20-day Bollinger Band, indicating that it is currently overpriced.

Rajarshi Mitra Independent Analyst

ADA/USD daily chart

ADA/USD spiked up from $0.036 to $0.041 this Thursday as the bulls retained control for the third consecutive day. In the process, the price broke above both the pennant formation and the 20-day Bollinger Band. The latter shows that the asset is currently overvalued and may face bearish correction soon. The price faces immediate resistance at the SMA 200 curve. The MACD indicates increasing bullish momentum, while the RSI has spiked up and reached the edge of the overbought zone.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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ADA/USD daily chart

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