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Cardano Price Prediction: ADA bulls set to recapture $0.15 mark and beyond

  • ADA/USD’s path of least resistance appears north.  
  • Bull pennant breakout spotted on 15-minutes chart.
  • Bullish crossover adds credence to the move higher.
Cardano Price Prediction: ADA bulls set to recapture $0.15 mark and beyond
Dhwani MehtaDhwani MehtaFXStreet

Cardano (ADA/USD) is looking to extend the early spike following a brief consolidative stint over the last hours.

The bulls are gearing up for the next leg higher amid a bull pennant formation confirmed on the 15-minutes chart.

ADA/USD: 15-minutes chart

The pattern validation calls for a test of the $0.1500 level. As of writing, the token battles the 21-simple moving average (SMA) located at $0.1460.

The upward-sloping 100-SMA moved above the horizontal 200-SMA, displaying a bullish crossover, which adds credence to the break higher.

Also backing the case for the additional upside, the Relative Strength Index (RSI) points north while above the midline.

To the downside, immediate support awaits at the 50-SMA of $0.1445.

A sharp drop towards the $0.1418 region (100/200-SMA) cannot be ruled out if the bulls fail to defend the 50-SMA support.

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.

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