The price of Cardano (ADA) has shown bullish signs and could be set for a major run against Tether (USDT) after bouncing from key support.
Ethereum price rallied with so much strength from a region of $1,670 to $2,000 ahead of the Ethereum “Merge”. This has brought relief bounces for many altcoins, including the price of Cardano (ADA).
“The Merge” is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) so as to increase its network efficiency in transactions. (Data feeds from Binance)
Price Of Cardano (ADA) Weekly Chart Analysis
From the chart, the price of ADA saw a weekly low of around $0.4, which bounced from that area and rallied to a price of $0.55.
The price has built more momentum as it faces resistance at $0.66.
If the price of ADA on the weekly chart continues with this bullish structure, it could quickly revisit $0.66 and trend higher to $0.75.
Weekly resistance for the price of ADA – $0.66.
Weekly support for the price of ADA – $0.45.
Price Analysis Of ADA On The Daily (1D) Chart
The price of ADA found strong support at around $0.45, with what seems to be an area of interest on the daily chart.
ADA bounced from its support and has rallied as it faces resistance at $0.63. The price of ADA has continued to range in a channel; breaking out of this channel could send the price of ADA to the resistance at $0.63.
At the point of writing, the price of ADA is at $0.55, above the 50 Exponential Moving Average (EMA) with a price of $0.5.
If the price of ADA holds the support of $0.5 successfully, we could see the price trending higher. If the price of ADA gets rejected, $0.5, which corresponds with 50 EMA, will be good support for buys.
The Relative Strength Index (RSI) for the price of ADA on the daily chart is above 65, indicating healthy buy bids for ADA.
The volume for ADA indicates buy bids, this shows bulls would want to push the price higher.
Daily (1D) resistance for ADA price – $0.66.
Daily (1D) support for ADA price – $0.5.
Price Analysis OF ADA On The Four-Hourly (4H) Chart
The price of ADA has continued to maintain its bullish structure after a successful break above the ranging channel.
ADA is trading above the 50 and 200 EMA with prices of $0.52 and $0.5 acting as its support on the 4H chart, should the price of ADA gets rejected due to the weekend sell-off.
If the price of ADA holds above the support of 0.52 with the good volume, we could see prices trending to $0.66. In case ADA experiences a sell-off, 50 and 200 EMA prices would act as support for ADA prices.
Four-Hourly (4H) resistance for ADA price – $0.66.
Four-Hourly (4H) support for ADA price – $0.52, $0.50.
Featured image from NewsBTC, Charts from TradingView.com
