Biggest Challenge for Cardano Ahead Following 45% Monthly Surge (ADA Price Analysis)

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Cardano’s price managed to steadily push higher day after day. But for how long can the bulls keep the rally alive?

Key Support levels: $0.36 

Key Resistance levels: $0.40

As the price continues its ascend, ADA will face a significant challenge the $0.40, where the expectation is for sellers to make a stand. In the past, this level rejected the price and was followed by a steep correction. This may happen again, and if it does, there is support at $0.36.

ADAUSDT_2023-01-24_13-57-16
Chart by TradingView

Trading Volume: The volume continues to be high, with strong interest from buyers in the past week.

RSI: The RSI is sitting above 80 points, placing it in the overbought area. Nevertheless, this is also a signal of strong bullish momentum.

MACD: The daily MACD is bullish, but the histogram is falling, which shows buyers are becoming weaker with time. This could be exploited by bears once the price hits the key resistance.

Chart by TradingView

Bias

The bias for ADA is bullish.

Short-Term Prediction for ADA Price

ADA has successfully passed several key resistance levels at $0.30 and $0.36, which are now acting as support. However, the biggest test is still ahead, and it would be interesting to see if ADA will break above $0.40 after such a rally.

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