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Cardano: Bulls defend their rally and ADA to gain 65%

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  • Cardano’s price saw bulls overcome several headwinds and break the short-term downtrend.
  • ADA price looks poised for more upside as buying momentum has skyrocketed in just two weeks.
  • Bulls face a double resistance area before reaching new all-time highs.

Cardano price has seen strong buying over the last three weeks, with demand picking up due to a double bullish technical pattern. Even with the current headwinds in the cryptocurrency industry, ADA negative traders were able to keep the bullish rise limited last week, but the bulls were too swift this week.

Bulls can be expected to maintain control, even if there is a retest this weekend at or just below the rising trend line towards new all-time highs.

Cardano

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Cardano sees bulls preparing for gains of over 60% and new all-time highs.

This week, bulls in Cardano price broke out to $2.42, but ADA price retreated at the end of the week as global markets provided some challenges for cryptocurrencies in general. The bulls have so tested the strength of resistance at the $2.42 – $2.51 zone. The bulls appear to be planning a retest of that area next week.

The weekly candlestick low tested the uptrend line (green) each time, resulting in a two-week increase in buying volume for the ADA price. That trend line has been visible since mid-July, and it is now maintaining the uptrend. Bulls, on the other hand, have a second entry just below the trend line as a kind of safety net in case the trend line is broken.

According to the RSI, the bulls might gain momentum since they are not overbought. This opens up an even larger window of opportunity for additional purchase entries. A retest of the all-time high at $3.16 can be expected in the days ahead if the bulls can push ADA prices above the double resistance above $2.51.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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