Key Highlights:

Cardano’s price recovered gradually during today’s session, now trading at about $0.3555
ADA was able to hold a support level around $0.3000, now forming a bullish trend line
ADA fought off several lows in the last few hours, now testing a resistance of $0.3600

Cardano Breaking Through $0.3555

ADA price has recently broken through the $0.3555 level, which means it is now above the previously established resistance of $0.3380. Now, the coin is on a bullish trend testing a resistance of $0.3600, so investors will need to check if that holds for it to jump higher than the current price of $0.3400 (at the time of writing).

Surpassing $0.3555 was especially significant since it gives ADA a higher probability to go beyond $0.3600.

Source: Tradingview

However, investors should note that Cardano is fast approaching overbought territory (based on the RSI indicator), and volume has been slowly picking up. A good sign is that the MACD indicator is reaffirming the bullish trend shown in the recent hours.

Looking at the Technicals:

MACD — the MACD indicator is showing a bullish signal
RSI — the RSI indicator for ADA shows that the coin is nearing overbought territory
Major Support Level — $0.3400
Major Resistance Level — $0.3600

Featured Image: twitter

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.