XBTFX

Cardano (ADA): $0.6 is still a target

BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
Another positive week for the price of ADA as the coin found strength to move from side trading to the higher grounds. Although ADA started the previous week around support line at $0.45 it`s price soon has been pushed to the higher grounds, first to resistance at $0.50 and then further to the next short term resistance line at $0.55. Current charts are showing that there is still potential for the price of ADA to make a move toward higher grounds.

With the latest increase in price RSI has been moved to the level of 61. This indicates that the market is headed toward the overbought side, while there is still space for the surge in price of coin until this level is finally and clearly reached. Moving averages of 50 and 200 days continue to move as two parallel lines with downtrend, without indication that convergence might start soon.

Charts continue to point toward the $0.60 resistance line as a potential target for ADA in the coming period. As trading volumes are significantly decreased on a crypto market, due to general reasons, it might take some time for ADA to actually reach this level. However, as the first step in this road has been reached, in terms of $0.55 resistance, increases the probability of the next move to the upside. On the opposite side, there is some probability for ADA to test the $0.5 support line for one more time, before the final push to the upside.


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