Cardano Price Prediction: ADA Bulls Fightback After Bearish Monday
Daily Cardano ADA Technical Analysis
- Cardano price hit an all-time of $1.83 on Sunday.
- The ADA price is trending in an upward channel formation.
Prior to Monday’s bearish correction, the Cardano price jumped from $1.09 to $1.77 between April 26 and May 9. During this upward surge, the Cardano price managed to flip the 20-day and 50-day SMAs from resistance to support and reached an all-time high level of $1.83.
Cardano Price Trends In Upward Channel Formation
The Cardano price has been trending in an upward channel formation, which shows that overall market sentiment is positive. Similarly, the MACD shows increasing bullish market momentum. The relative strength index (RSI) is on the verge of entering the overbought zone, so a little more growth could be possible before it faces bearish correction. The MACD shows sustained bullish momentum, which adds more credence to our bullish outlook.
Image: ADA/USD daily
Cardano price has a robust support barrier at $1.70. Previously, at this level, nearly ~53,000 addresses had purchased a little over 1.95 billion ADA tokens.
Cardano Price Is Expected To Reach These Levels
The Cardano price could grow till $1.94 and reach the upper bound of the parallel channel.