ADA Rallied 7% on Positive Inflation Numbers, Here’s the Key Resistance (Cardano Price Analysis)
Cardano managed to rally by 7% together with the rest of the market once CPI figures showed inflation slowed in the US.
Key Support levels: $0.50, $0.45
Key Resistance levels: $0.55, $0.66
US inflation decreased in July to 8.5% compared to 9.1% in June. The market quickly rebounded as soon as these figures were published today. ADA’s price was also quick to react with a 7% rally on the daily chart. Now, the price is again approaching the key resistance at $0.55, and support still holds at $0.50.
Technical Indicators
Trading Volume: The buying volume today is strong, but the big question is if they can sustain it over the coming days.
RSI: The daily RSI managed to stay above 50 points, placing it on the bullish side. As long as this is maintained, ADA has a good chance to move higher.
MACD: The daily MACD remains bullish. However, buyers need to be more present in the market if they are to break the key resistance.
Bias
The bias for ADA is bullish. A clear break of the key resistance would confirm this bias.
Short-Term Prediction for ADA Price
ADA appears ready to make another attempt at breaking the $0.55 key resistance, which in the past month has been rejecting any bullish momentum. If the buyers can control the price action and break this level, then the cryptocurrency can rally towards its next target at $0.66.
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