Cardano's Bullish Momentum Continues as Price Approaches Key Resistance Level

AS Cardano key 2024-02-15 59

According to CryptoPotato, Cardano (ADA) experienced a significant price increase this week, with the potential for further growth. The cryptocurrency found strong support at $0.46 and has quickly risen to approach the key resistance level of $0.60. If the bulls manage to break this level, ADA could reach a new high this year.

Momentum indicators signal bullishness, with the Relative Strength Index (RSI) on the three-day timeframe already above 60 points. This places ADA on the bullish side, and continuation appears most likely at the moment. With bulls in control of the price action, the volume is showing clear higher highs. As long as this continues, the price will likely follow a similar trend. However, to break the 60 cent resistance, buyers will need to demonstrate more strength, similar to what was seen in mid-December.

The current bias for ADA is bullish, with the price on its way to the 60-cent resistance level. Once there, ADA will have to decide whether to push higher or enter a pullback. At the time of this report, buyers have the upper hand.