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
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Author
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.
