Cardano Technical Analysis: ADA/USD bulls target $0.73 resistance
- Daily ADA/USD chart is comfortably trending above the SMA 20, SMA 50, and SMA 100 curves.
- Bulls will look to breach past resistance at $0.73 and then break the $0.75 level.
ADA/USD daily chart (Kraken)
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- The last two sessions of the ADA/USD daily chart forms a bullish engulfing pattern as the price currently consolidates.
- The price is comfortably trending above the 20-day simple moving average (SMA 20), SMA 50, and SMA 100 curves.
- The relative strength index (RSI) curve is currently trending inside the overbought territory.
ADA/USD 4-hour chart (Kraken)
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- The moving average convergence divergence (MACD) indicator shows that the signal line is about to converge with the MACD line. This indicates that the momentum is going to shift towards the bulls.
- The 20-day Bollinger band is widening which indicates increasing volatility.
- The ADA/USD 4-hour chart is trending on and above the upper curve of the Bollinger band.
ADA/USD hourly chart (Kraken)
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- The ADA/USD hourly chart has had a bullish breakthrough from the red cloud of the Ichimoku indicator.
- The price is currently in a consolidation phase.
- The last six sessions of the Elliot Wave Oscillator shows increasing bullish momentum.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
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