Cardano (ADA) price is technically showing signs bullish and can be set for big moves after bouncing off support main.
While on the other hand, the price of Ether (ETH) strengthened with so much strength from the US$1,670 to US$2,000 region ahead of the Ethereum merge. This has brought a rally for many altcoinsincluding Cardano (ADA) prices.
Merge Ethereum is upgrade on the Ethereum blockchain from Proof-Of-Work (PoW) to Proof-Of-Stake (PoS) to increase its network efficiency in transactions. This became an important part of Ethereum being Ethereum 2.0.
How about Cardano (ADA) price analysis as altcoins which is no less important than ETH?
Weekly Cardano (ADA) Price Analysis
On the chart, ADA prices are seen weekly lows around US$0.4, which bounced off the area and rose to US$0.55.
The price has built up more momentum as it faces resistance at $0.66. If the price ADA on the weekly chart continues with the structure bullish In this case, the price could quickly return to US$0.66 and trend higher to US$0.75.
For weekly resistance for the price of ADA in the range of US $ 0.66 and support weekly around US$0.45.
As for the daily, ADA prices find support strong around $0.45, with what appears to be an area of interest on the daily chart.
THERE bounces off supportand has rallied as it faced the US$0.63 resistance. ADA prices continue to range from channelexiting this channel can send ADA price to resistance at US$0.63.
At the time of writing, ADA’s price was at US$0.55, above Exponential Moving Average (EMA) 50 at a price of US$0.5.
If the price of ADA manages to hold support US$0.5, we can see the price trend higher. If the price of ADA moves the other way around, US$0.5, which corresponds to the 50 EMA, will be a good support for buying.
The Relative Strength Index (RSI) for ADA prices on the daily chart above 65, indicating a healthy bid for ADA.
Volume for ADA indicates buy, this indicates a push higher in price. US$0.66 daily resistance and US$0.5 support.
On the 4-hour chart, the price of ADA continues to maintain the structure bullishher after successfully breaking above the channel.
ADA is trading above the 50 and 200 EMAs at US$0.52 and US$0.5 as supporton the 4-hour chart, if the price THERE IS rejected due to a weekend sell-off.
If the ADA price stays above the US$0.52 support with good volume, we can see a price trend towards US$0.66.
If ADA experiences a sell-off, the 50 and 200 EMA prices will act as support for the ADA price. ADA’s 4-hour resistance is US$0.66 and support is around US$0.52, US$0.50. [ps]