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Cardano surprised the market with a quick rush to the 37 cents resistance. At this rate, a breakout is in the cards.
Key Support levels: $0.31
Key Resistance levels: $0.37
1. Buyers are Pressuring the Key Resistance
With the price back on the offensive, the resistance at 37 cents is now under pressure. Another push higher and this level could soon turn into support. If confirmed, ADA may finally enter a rally to recover some of the recent losses since March.
2. Volume is Increasing
Since Monday, the buy volume has been increasing steadily and if today’s candle also closes in green, then ADA has a good shot at higher levels. Even if a pullback happens, the local momentum remain bullish and buyers can have another go at a later time.
3. Bullish Cross Hints at a Rally
With momentum shifting, the 3-day MACD also did a bullish cross this week. This highlights a significant change that favors buyers. If the 37 cents resistance turns into a support, the next targets will be found at 42 and 46 cents.
