The crypto market displayed a short relief after the consecutive price jump for two days, following which the industry today witnessed a minor correction of nearly 2% in value. Ethereum price, on the other hand, experienced a fall of over 3% in value, whereas its competitor Cardano has lost less than 1%.
The ADA price has been trading in an ascending channel for over a week, indicating a bullpower in the market. After multiple failed attempts to break out of the resistance zone at $0.2585, the ADA coin finally managed to break out of it recently, after which it retested its support zone but bounced back quickly.
Further, the EMA 50 and 200 are moving close to each other, displaying the Cardano coin on the verge of experiencing a bullish crossover soon, which could result in the ADA price jumping to new highs in the coming days.
The RSI has been trading above the mid-point for over a week now and was seen trading above the overbought range for a short period of time, following which the average displayed a sharp decline in its charts, indicating a decrease in buying and selling power.
Will ADA Price Go Up?
If the bulls continue to gain power and push the Cardano price above its resistance level of $0.2670, then Cardano’s ADA will initiate a bullish momentum. Further, if the ADA coin manages to hold the price above that level, then the price will continue to gain value and test its upper resistance level of $0.2750 soon.
On the flip side, if the bears gain control of the market and a trend reversal occurs, the coin will lose its momentum and start trading negatively. Moreover, suppose ADA crypto breaks down the trend, then the price will experience a plunge in its value and test the support zone at $0.2570.
If the market fails to hold the price above that level, the coin will further dip and test its lower support level of $0.250 this week.