Cardano Technical Analysis: ADA/USD reaches its highest level since September 2018

ADA/USD Daily Chart (Kraken)

• Over the last three sessions of the ADA/USD daily chart, the price shot up from $0.69 to $0.93, charting a 35% growth in the process.
• The relative strength index (RSI) curve has been trending in or near the overbought territory since 16th March.

ADA/USD 4-Hour Chart (Kraken)

• The widening mouth of the 20-day Bollinger band shows a highly volatile market.
• The last six sessions of the 4-hour chart have trended above the upper curve of the Bollinger band, which shows an extremely bullish market.
• The signal line has diverged away from the MACD line, which indicates increasing bullish momentum.

ADA/USD Hourly Chart (Kraken)

• The hourly ADA/USD chart is trending above both the 200-day simple moving average (SMA 200) and SMA 50 curves.
• The last five sessions of the Elliot Wave Oscillator shows increasing momentum.
• Only five of the last twenty-three sessions in the Elliot Wave Oscillator is bearish, which clearly shows that the overall market sentiment is bullish.