- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.