Market continues to positively perceive news regarding the forthcoming fork for Cardano`s network, which would increase its scalability. It has strongly supported ADA`s price during the last three weeks. The price of the coin continues to reach higher grounds, with last week's level of $0.4. The last time the coin was at this level was in November previous year. These are all good developments, as it shows that there is still value in this coin which brings back investor's confidence.
For the last three weeks the RSI indicator is moving within the overbought side. Potential reversal might come soon, however, it certainly could not be supported by the prevailing buying orders. The RSI is ending another week at level of 70, which is an indication of forthcoming short price reversal. MA50 and MA200 continue to move as two parallel lines but this time the course has been changed from downtrend to parallel. Hopefully, in the near future they will move more toward each other in order to create a cross.
It might be expected that ADA will continue to be supported by the announced new fork. The coin is currently testing the $0.40 resistance line. In case that it is clearly breached, then the ADA will continue to route toward the next resistance at $0.45, with a small stop around $0.43. In case that the coin enters into a short term reversal, as RSI is pointing, then $0.35 support might be the next short term target.
For the last three weeks the RSI indicator is moving within the overbought side. Potential reversal might come soon, however, it certainly could not be supported by the prevailing buying orders. The RSI is ending another week at level of 70, which is an indication of forthcoming short price reversal. MA50 and MA200 continue to move as two parallel lines but this time the course has been changed from downtrend to parallel. Hopefully, in the near future they will move more toward each other in order to create a cross.
It might be expected that ADA will continue to be supported by the announced new fork. The coin is currently testing the $0.40 resistance line. In case that it is clearly breached, then the ADA will continue to route toward the next resistance at $0.45, with a small stop around $0.43. In case that the coin enters into a short term reversal, as RSI is pointing, then $0.35 support might be the next short term target.
