|

Cardano Price Prediction: 100-DMA is the level to beat for the ADA bulls

  • ADA/USD eyes 100-DMA after falling channel breakout on the daily chart.
  • RSI points north while within the bullish territory.
  • Bullish momentum likely to persist in the week ahead.

Amid a broad recovery seen across the crypto markets over the past week, Cardano (ADA/USD) is not left behind, as it now trades near the five-week highs of $0.1099.

The recovery momentum in the coin picked up pace after the price cut through the falling trendline resistance at $0.0968 on Friday. While a daily closing above the downward sloping 50-daily moving average (DMA) at $0.0998 bolstered the bulls further.

On Saturday, the spot opened well above the 50-DMA and now looks to extend the bullish break towards the next critical resistance of the horizontal 100-DMA at 0.1155.

The 14-day Relative Strength Index (RSI) points north and heads towards the overbought region, currently at 61.91.

To the downside, the 50-DMA resistance now support could offer some respite to the bulls should the price retrace after the recent upsurge.

A failure to defend the later could put the $0.0959 falling channel resistance-turned-support at risk.

ADA/USD: Daily chart

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

More from Dhwani Mehta
Share:

Editor's Picks

XRP holds bearish bias despite spot ETF inflows
Ripple (XRP) retains a bearish near-term tone on Friday, falling toward the psychological support at $1.00. This follows renewed inflation concerns in the United States (US) after the Federal Reserve (Fed) left interest rates unchanged, as two members of the committee dissented in favor of a 25 basis point hike.
Crypto Today: Bitcoin, Ethereum, XRP edge lower despite renewed ETF inflows
The cryptocurrency market broadly corrects on Friday, as investors assess macro uncertainty and geopolitical tensions, which continue to escalate in the Middle East. Bitcoin (BTC) is trading below $64,000, down from the weekly high of $65,745. Altcoins such as Ethereum (ETH) and Ripple (XRP) are trading under increasing selling pressure below $1,900 and $1.10, respectively.
US sanctions Iran-linked Bitcoin insurance scheme for Strait of Hormuz ships
The U.S. Treasury has sanctioned two Iranian firms behind a maritime insurance operation that accepted Bitcoin, saying the scheme forced commercial vessels to buy coverage to pass through the Strait of Hormuz and funnelled the proceeds to the Islamic Revolutionary Guard Corps.
Bitcoin Weekly Forecast: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.
Bitcoin: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.