Cardano Price Analysis: Why Cardano ADA/USD rally is unstoppable; up 16% to test $0.045

Cardano (ADA) is unapologetically bullish on Friday as it extends the leg above ascending channel resistance. The price has advanced higher by more than 16% and only trailed closely by Stellar (XLM)’s 13% growth in the last 24 hours. ADA/USD is trading at $0.0434 after breaking above several key levels including the 50-day SMA, the seller congestion zone at $0.0400 and the 200-day SMA.

The technical picture remains strongly bullish even as the bulls desire and work hard to close the week in the positive. According to the RSI, ADA/USD is likely to continue with the uptrend in the current and coming sessions on Friday before the sellers get a chance to retaliate. The bulls’ position on the market is supported by the MACD’s cross into the positive area. Besides, a bullish divergence from the indicator clearly shows who is controlling the direction the price is taking. In the event of a price reversal, Cardano is likely to seek refuge at the former resistance zones including the 200-day SMA, $0.0400, the 50 SMA, and $0.0300.

The surge comes barely a month since Cardano launched its most ambitious protocol, Shelly. Data from GitHub has been showing that developers are getting excited with the new blockchain, with the network getting over 2,600 commits a week. Moreover, Cardano’s founder Charles Hoskinson recently claimed that Cardano has the best quality code in the industry. He wrote on Twitter:

Our code quality is the best in the industry and includes heavy use of quickcheck, formal specifications and a dedicated QA department that has pretty exhaustive testing standards.

ADA/USD daily chart