- ADA’s price has printed a 24-hour gain of 0.71%.
- The altcoin’s price has broken above the 9-week EMA line.
- A crypto analyst believes that ADA will drop to $0.15 in the coming weeks.
The price of Cardano (ADA) has risen over the last 24 hours according to CoinMarketCap. This 24-hour gain of 0.71% has lifted the altcoin’s weekly price performance to 11.44%. As a result, ADA is changing hands at $0.3516 at press time.
ADA’s price is looking to challenge the weekly resistance level at $0.3546. There has been a notable amount of buy volume that has entered the market in the last 3 weeks, which has pushed the altcoin’s price above the 9-week resistance level.
Should ADA’s price overcome the current resistance at $0.3546, then it will also break above the 20-week EMA level. By breaking above these levels, the next obstacle will be the resistance at $0.4628.
There will need to be a lot of continued buy support for ADA’s price before it can enter into a mini rally from the current level, given the slim margins that exist between the next 3 obstacles that stand in ADA’s way.
One technical analyst, PROFIT BLUE (@profit8lue), tweeted his forecast for ADA’s price today. In the tweet, the analyst stated that ADA has finished testing a major resistance level and will likely crash to $0.15 in the coming weeks.
The weekly RSI indicator is showing early signs of some bearishness that could take place in the coming weeks. At press time, the weekly RSI line’s slope has turned slightly neutral. The line is, however, still sloped towards overbought territory, which is a bullish indication. Furthermore, the weekly RSI line is positioned above the weekly RSI SMA line.
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