Cardano Price Analysis: ADA/USD is on fire, gains over 1% in a matter of minutes

ADA/USD got a boost after a move above channel resistance.
The further upside may be limited by $0.0600 in the short run.

Tanya Abrosimova Independent Analyst

Cardano (ADA) is changing hands at $0.0590 amid strong bullish sentiments. The coin has gained over 1% in a matter of minutes and the upside trend is gaining traction. The coin has been oscillating in a tight range limited by $0.0555 on the upside an $0.0540 on the downside for the best part of the day.

A strong move above the channel resistance increased the upside impulse and pushed the price to the critical $0.0600. If this barrier is cleared, we may see another bullish wave with the next target at $0.0650.

The RSI on a 1-hour chart has started a reversal from an overbought territory, which means the short-term bullish momentum is fading away and ADA/USD may retest the former resistance of $0.0555 before another growth attempt.