Cardano Token Ready to Grow

Cardano began recovering from June lows when the price fell nearly 45%. In general, since the lows of last year, the price of Cardano (ADA) has added almost 4000%.

The $ 1 level seems to be the low for the ADA, close to the previous ATH of 2018. As long as Cardano grows from this low, its outlook will be good for the near future.

Looking at the chart, we see a clear upward channel that has been holding the price for the past several weeks. As long as the ADA remains in this range, the price recovery will continue to the previous June levels. The price recently experienced a rejection at the key resistance level of $ 1.45.

This area turned out to be a mark, upon breakdown of which, the ADA will rally upward, while support should be held at $ 1.36-1.39.

Along with the main support area, the ADA is holding at 25 MA. Over the past month, every attempt by price to maintain this mark has failed. If this trend continues, the ADA could test key resistance along with the mid-term trendline that the price has been stuck under for almost 6 weeks. Once the bulls manage to overcome these two marks, the price is ready for a big rally with confirmation of a short-term uptrend.

Looking at the relative strength index, we can see a trend line that has been observed for almost a week and a half. If the situation persists, a break above $ 1.45 is inevitable. The MACD is back in bullish territory and is consolidating for a big move. Once the MA creates a bullish cross, the price should react very positively.

Daily ADA levels
Spot Rate: $ 1,425
Trend: bullish
Volatility: Moderate
Support: $ 1.36
Resistance: $ 1.45