ADA price – Cardano price Analysis: ADA Looking For Positive Breakout Above $0.70

• Cardano performed a positive momentum on Tuesday’s trading session
• ADA price is $0.6763, which is up by 1.62% in the last 24-hour time-frame and 67.72% up from the previous week
• ADA/BTC pair is negative with a loss of 0.55% in Tuesday’s trading session (0.00001465)

Cardano had positive momentum on the weekly chart, and it progressed up to $0.7194 on January 10, 2021, while breaking over the resistance zones created in the past. ADA price set a record of a 52-week high. Meanwhile, the trading volume of $8,116,485,970 in the last 24-hour time-frame signifies a decrease in the value of 17.72%. The ADA/ETH pair is negative with a rate of (0.0003871) which is down by 0.31% in Tuesday’s trading session.

Cardano Technical Chart Indicates a Positive Trend

The technical chart of Cardano highlights a positive trend. In contrast, ADA price is at $0.6763. According to pivot points, the critical support level for ADA is placed at $0.4254. Whereas if it moves up, the key resistance level to watch is $0.7156. While diving into the weekly chart of a 4-hour time-frame, it completes a bullish doji star candlestick pattern, indicating the bulls have overwhelmed the bears and are now in control.

Volume indicator with the amount (1.156M) exhibits a buying volume in coin. Investors can further expect an increase in buying volume in future trading sessions.

SMA-200, price is at $0.3799, which acts as another reliable support in the coin. The price is above the SMA, and investors can expect a bullish trend in the coin.

MACD indicator (Bearish), bearish crossover signal line detected on February 09, 2021, indicated a sell signal in the coin during the trading session. Also, it denotes the beginning of red bars on Histogram.

Meanwhile, the RSI indicator (Bullish) with a value of 65.00 indicates a buy signal in the coin, investors can witness an overbought in value in upcoming trading sessions.

Conclusion 

ADA price is up by 1.62% on Tuesday’s trading session. The price is above the SMA of $0.3799 and is testing the resistance level of $0.7156. If it sustains above the resistance, Investors may expect the price to progress towards the next resistance level with a few moderate price corrections. All technical indicators recommend a buy signal in the coin.

Resistance: $0.7156

Support: $0.4254

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