Cardano Price Analysis: ADA Bulls Stopped at $1.6, What’s Next? – CryptoPotato

Key Support levels: $1.2

Key Resistance level: $1.5, $1.9

ADA’s rally continued this week and the price reached $1.6 before falling under the key resistance at $1.5. This show of strength decoupled ADA from the overall market that has remained indecisive at best this week. The support is found at $1.2 and seems unlikely to be tested again, assuming the current momentum remains intact.

ADAUSDT_2022-01-18_12-59-13
Chart by TradingView

Technical Indicators

Trading Volume: The high volume during this rally confirmed that the bulls had total control of the price. This reaffirmed the positive momentum.

RSI: The daily RSI has made a higher high and reached 65 points during this move. It seems likely for the RSI to also make a higher low and continue upwards so long the momentum is maintained.

MACD: The daily MACD bullish cross from last Thursday was confirmed this week with a considerable rally. At the time of this post, the momentum looks to fade slightly on the histogram as ADA has reached a key resistance.

ADAUSDT_2022-01-18_12-58-56
Chart by TradingView

Bias

The current bias is bullish. All eyes are on the key resistance at $1.5 and if price can make it support.

Short-Term Prediction for ADA Price

Before potentially going higher, ADA may experience a pullback under the key resistance at $1.5. Then, if buyers have sufficient force, they can push the cryptocurrency above the critical resistance and turn it into support. If this plays out, then ADA’s next resistance is found at $1.9.

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Cryptocurrency charts by TradingView.


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Cardano Price Analysis: ADA Bulls Stopped at $1.6, What’s Next? – CryptoPotato

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