Compass Investments

– The Relative Strength Index (RSI) has jumped out of the neutral zone and is now gravitating towards 60, which hints at increased buying interest. This upward movement signals stronger demand, but not yet overbought. This gives the ADA price the potential to rise without facing immediate exhaustion, especially if the move is confirmed by a break above the current resistance.

At the moment, the ADA price is pinned at the $0.7219 resistance level. A successful close above this level could open the way for further movement to the next resistance zones at $0.7448 and $0.7468. However, a rebound from this level could lead to a pullback in price to the $0.7014 support level. If the sellers’ pressure intensifies, the lower support levels at $0.6814 and $0.6712 will become the key zones for a potential rebound.

For bullish traders, a confirmed breakout and a daily close above $0.7219 on higher volume could be a signal to open long positions with a target near $0.74. Optimal stop-loss can be placed slightly below $0.7014 to limit downside risk.

For bearish setups, if the ADA price forms a rejection candle or bearish engulfing pattern near $0.7219, short positions can be considered with a pullback target of $0.6814 or $0.6712. Look for confirmation from weakening momentum indicators or a bearish MACD crossover before entering.

Cardano is showing promising signs of bullish momentum, but the indicators are not converging much yet. As the price approaches a critical resistance level, the next few sessions could determine whether the ADA price breaks higher or faces a new round of selling. Traders should remain patient and attentive, waiting for clear confirmation before deciding in favor of one direction or the other.

Stephen’s fascination with cryptocurrency and blockchain technology began in 2014, prompting him to dive headfirst into the field. He was ranked 5th in the world robotics ranking. He originally earned a degree in computer science from the University of Texas at Arlington, but after two semesters, he decided to interrupt his studies to become more involved in cryptocurrency development. During this period, he actively worked on several patents related to cryptocurrencies and blockchain. Stephen also explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that simplify blockchain integration, as well as other innovations.

Share this:

it