Will Cardano (ADA) Price See Higher Levels by the End of March?

2023-3-21 16:00

The Cardano (ADA) price created a lower high after a rejection from the $0.36 area. A successful breakout above it could accelerate the rate of increase.

The ADA token is the native coin of the Cardano blockchain platform. The ADA price has fallen under a descending resistance line since reaching an all-time high price of $3.10 in August 2021. The decrease led to a low of $0.23 in December 2022.  

The ADA price began to increase afterward and broke out from the resistance line in January 2023. While it failed to move above the $0.39 resistance area, it validated the resistance line as support (green icon). 

However, the trend can only be considered bullish once the ADA price breaks out from the $0.39 area. Besides being the main horizontal resistance, the rejection from it coincided with an RSI rejection from the 50 line (red icon). As a result, a breakout above $0.39 combined with an RSI increase above 50 is required in order for the trend to be bullish. In that case, the price could increase to the next resistance at $0.59. 

On the other hand, if the ADA price fall below the resistance line, a drop to $0.22 could ensue.

ADA/USDT Daily Chart. Source: TradingView Cardano (ADA) Price Struggles With Short-Term Resistance

The technical analysis from the daily time frame shares several similarities with the weekly one. 

In this time frame, the price was rejected by the $0.36 resistance area, creating a long upper wick and lower high (red icons). This also coincided with an RSI rejection from the 50 line. 

Therefore, the price action and indicator readings are fairly neutral. In a similar fashion to the weekly time frame, whether the price breaks out or gets rejected from this area could determine the future trend.

ADA/USDT Daily Chart. Source: TradingView

To conclude, whether the ADA price breaks out from $0.39 or gets rejected could determine the future trend. A successful breakout could lead to an increase toward $0.59 and confirm the bullish trend reversal. On the other hand, a rejection could lead to a fall toward $0.22.

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The post Will Cardano (ADA) Price See Higher Levels by the End of March? appeared first on BeInCrypto.

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Источник: beincrypto.com

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