Cardano anticipates a breakout from a range of two key moving averages (50 SMA and 100SMA) in the 12-hour chart.
Bullish RSI is giving hope to ADA buyers. On a sustained break above the 100 SMA, the ADA price will rise to $1.45 where 200 SMA will act as resistance, a break through above 200 SMA will lead price to $1.80 which is a 40% increase.
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ADA rose $1.39 after finding support at $1.18 a few days earlier. Despite sharp fluctuations, Cardano’s prices remained within trading range of $1.25 to $1.30.
Current positive sentiments can be because of recent Yoroi Wallet Release of Dapp Connector That Allows Interactions Between Users And Dapps On Cardano Blockchain. (Read More)
The ADA/USD pair is poised for further growth.
Cardano’s 12-hour chart shows that price is in a familiar range with losses being supported by the 50-simple moving Average (SMA), at $1.25.
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ADA bulls are still finding resistance from 100 SMA at 1.31.
A breakout from the current range is possible, with greater odds of an upside breakout, amid a bullish cross in the indicated timeframe. The 21-SMA is poised to cross the 50-SMA higher to the upside, which will confirm a bullish cross.
Although the Relative Strength Index (RSI) remains well above 50.00. This adds confidence in a possible advance.
The close of the 12-hour candle over the 100-SMA may trigger a new rally towards the July 26 high at $1.40.
Further up, bulls will attempt to reclaim the horizontal 200-SMA for $1.45.
Once the 1.40 to 1.45 strong resistance is crossed ADA bulls can easily march towards $1.80 which is a 40% increase.
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If ADA bears take control 21 SMA and 50 SMA can act as support present at $1.24 and $1.27 respectively.
Overall, Cardano’s price seems to be on the path of least resistance with potential upsides.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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