What’s Next for Cardano (ADA) After Recent Rally?

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In Brief
  • ADA is following a long-term ascending support line.

  • There is support and resistance at $0.056 and $0.071, respectively.

  • It looks to have created a long-term double-top combined with bearish divergence in the RSI.

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On May 28, the Cardano (ADA) price broke out from an important resistance area and had at one point increased by 25% in the day. However, the price has begun to show short-term signs of weakness. Despite the breakout, it is not yet clear if ADA is bullish in the long-term. Cryptocurrency trader @TheEWGuy stated that the ADA price will likely make another upward move before dropping

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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