• ADA surged 15% off critical support, pushing the price above the resistance at $0.35.
• Trading volume and momentum indicators are bullish, signalling further gains for ADA.
• If buyers break resistance at $0.35, ADA could target $0.38 next.
ADA Surges Off Critical Support
Cardano (ADA) recently found strong support at around $0.30 and quickly rallied to hit resistance at $0.35, marking an impressive 15% surge from its recent low. This show of strength has turned the chart bullish, which could see ADA move higher later this week.
Trading Volume & Momentum Indicators Bullish
The explosive buying volume reversed the downtrend abruptly and is seen as a bullish signal for Cardano’s price action going forward. The daily RSI touched the mid-level of 50 points while the MACD completed a bullish cross – both indicating that buyers have taken control of the cryptocurrency’s price action and could push it higher in the near future if they maintain their pressure on prices above $0.35 in resistance level..
Bias is Bullish
The bias for ADA is currently set to bullish based on these indicators as well as recent movements in market sentiment surrounding this cryptocurrency asset class as a whole.
With this latest bounce off support, ADA has turned bullish according to its momentum indicators, suggesting that if buyers can maintain their gains and break out of resistance at $0.35 soon, then ADA could potentially target the next resistance levels around $0.38 next in upcoming trading sessions later this week or early next week depending on how strong buyers remain throughout this period of time..