Cardano price sees bulls defending their rally and could hold further 65% gains


  • Cardano price saw bulls overcoming several headwinds and breaking out of the short-term downtrend.
  • ADA price looks ready to pop higher as buy-side momentum has exploded in just two weeks.
  • Bulls face a double resistance area before making new all-time highs.

Cardano price saw heavy buying over the past three weeks as buy-side volume saw a pickup in demand thanks to a double bullish technical setup. ADA price bears were able to keep the bullish revolt muted last week, but the bulls were just too forecull this week, even with headwinds prevailing in the cryptocurrency space. Expect bulls to stay in control, even if a retest would recur this weekend on or just below the green ascending trend line, towards new all-time highs.

Cardano price sees bulls gearing up for over 60% gains and new all-time highs

Cardano price saw bulls making a breakout towards $2.42 this week, but ADA price faded at the end of the week after global markets posed some headwinds to cryptocurrencies overall. With that, bulls have dipped their toe in the water to see how strong resistance will be from shorters near that double belt at $2.42 - $2.51. The bulls look to be gearing up to have another stab at that region in the coming week.

ADA price saw a pickup in buy-side volume for two weeks as the low of the weekly candles each time tested the green ascending trend line. That trend line has been present since mid-July and is keeping the uptrend in place for now. But bulls have a double entry with the 200-day Simple Moving Average (SMA) just below as a sort of safety net in case the trend line breaks.

ADA/USD weekly chart

ADA/USD weekly chart

Expect bulls to further build momentum as the Relative Strength Index (RSI) is still in their favor and is nowhere near overbought territory. This offers an even larger window of opportunity for more inflows on the buy-side of this trade. When bulls can push ADA prices through the double resistance above $2.51, expect a retest of the all-time high at $3.16 in the days after that.



 

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