• Cardano (ADA) is continuing its uptrend, with key support at $0.38 and resistance at $0.42.
• Buyers have been able to push the price up to 40 cents due to good buying volume.
• The current momentum lacks conviction and a rejection appears likely if buyers fail to gather more strength on their way to 42 cents.
Cardano Price Analysis
Uptrend Continues
Cardano continues its uptrend, even if timid and with low volatility. Key Support levels are at $0.38 and Resistance levels at $0.42.
Buyer’s Volume Increases
The good buy volume in the past three days has allowed ADA to move higher and reach 40 cents.
RSI & MACD Indicators
The daily RSI is indicating a bullish trend with higher highs while the daily MACD shows a bearish divergence as a warning sign that the bullish momentum is fading.
Overall Bias
The bias for ADA remains bullish in the short-term prediction for ADA price as it’s expected to test the key resistance at 42 cents; however, if buyers fail to gather more strength then a rejection appears likely which could take this cryptocurrency into a pullback according to February’s rejection by the same level of 42 cents.
Conclusion
Overall, Cardano is continuing its uptrend but buyers must be aware of any potential rejections by the key resistance level of 42 cents should they fail to build enough momentum on their way there before sellers return