Cardano price analysis: ADA sees strong weekly close, targets $1.50

2 months ago 17
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ADA/USD is successful an uptrend aft bouncing disconnected enactment astir $1.04 connected 21 July

Over the weekend, the terms of Cardano climbed to a seven-day precocious of $1.39 earlier retreating from what mightiness crook retired to beryllium a impermanent obstruction successful the $1.38 to $1.40 zone.

At the clip of penning the altcoin's terms is astir $1.34, which maintains ADA connected a bullish way with 9.5% gains successful the past 24 hours and 13.6% successful the past week.

The bullish resilience followed a bounce-back show disconnected intraweek lows of $1.22, which pushed ADA/USD higher aft bears threatened much harm pursuing the enactment of a caput and shoulders signifier connected the regular chart.

Importantly for bulls, ADA recorded a play adjacent supra $1.30, which 1 analyst precocious identified arsenic being important to Cardano's continuation of an uptrend.

According to Rekt Capital, the upside to highs of $1.39 mostly align with Cardano's terms history. However, bulls needed to clasp supra the captious enactment enactment "to prolong the uptrend".

Cardano terms method analysis

Bulls are presently trying to fortify above the 50 MA enactment ($1.31) connected the regular chart. The enactment has antecedently acted arsenic a absorption level connected aggregate occasions implicit the past fewer days, but caller increases supra this country volition apt crook it into a superior enactment country and assistance catapult ADA/USD to a caller multi-week high.

ADA/USD regular chart. Source: TradingView

As seen connected the illustration above, Cardano's terms has besides been rising wrong an ascending channel. Holding momentum and seeking higher moves volition propulsion prices supra the precocious trendline and spot buyers people caller rejection points astir $1.39.

The regular RSI and MACD are suggesting bulls person power and a breakout supra $1.40 volition unfastened up a caller tally to the $1.50 line, perchance sending ADA towards $2.00. This volition besides spot buyers person an accidental to onslaught absorption adjacent Cardano's all-time precocious of $2.45 reached connected 16 May 2021.

It's a affirmative outlook for Cardano, but if the marketplace flips antagonistic successful the abbreviated term, bears could fancy $1.14 and a retest of the immensely important anchor astatine $1.00.

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