The ADA price approaching the overhead ceiling of $1.2 undermines the multiple rejections the buyers faced earlier this week. However, the buyers would need a genuine breakout to provide closing and sustainability above the $1.2 mark to confirm a continuation of the bullish rally.
Key points:
The ADA price has gained 3.8% in the last three days.
The intraday trading volume in the ADA coin is $1 Billion, indicating a 16.9% loss.
Source- Tradingview
On March 23rd, the Cardano(ADA) buyers gave a massive breakout from the confluence of technical resistance, i.e., $1 psychological level, dynamic resistance trendline, and 100-day SMA. As a result, the parabolic rally marked a high of $1.25, its highest since Mid-February.
However, the sellers mounted stiff resistance at $1.2 and did not allow a daily candle closing above it. Even so, the sellers couldn’t extend the downfall below the 100-day SMA($1.12), resulting in choppy price action the whole week.
The ADA price rebounded from the
We współpracy z: https://coingape.com/markets/cardano-price-prediction-100-day-sma-bolsters-bullish-breakout-from-1-22/
