Cardano (ADA) Continues Its Rise: Price Action and Future Prospects
Cardano (ADA) has been on a remarkable rise recently. Its price has increased by 8.86% in the past week and has gained 47.30% in the past month. Looking at it longer term, ADA has gained a very high 183.90% in the past six months. These figures show that Cardano is showing strong growth and investor interest is increasing.
In light of these positive developments, there is potential for the price of ADA to continue higher. The current price range is between $0.94 and $1.22, which is above both the 10-day and 100-day simple moving averages ($1.09 and $1.08 respectively). The RSI (Relative Strength Index) is currently at 53.92, in neutral territory, meaning there is still potential room for the price to move higher.
If ADA continues its current upward momentum, we can say that the nearest resistance level is around $1.35. Breaking this level would allow ADA to rise to $1.63. Reaching $1.35 would mean an increase of about 10% from the current price level.
On the downside, the nearest support level is determined at $0.78. A drop to this level would represent a drop of approximately 15%. Investors should keep these resistance and support levels in mind when monitoring ADA’s potential price action.
