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.
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.
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.
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.