ADA Rallied 7% on Positive Inflation Numbers, Here’s the Key Resistance (Cardano Price Analysis)

Time Stamp: August 10, 2022 11:03 AM
Source Node: 1616136

Cardano managed to rally by 7% together with the rest of the market once CPI figures showed inflation slowed in the US.

Key Support levels: $0.50, $0.45 

Key Resistance levels: $0.55, $0.66 

US inflation decreased in July to 8.5% compared to 9.1% in June. The market quickly rebounded as soon as these figures were published today. ADA’s price was also quick to react with a 7% rally on the daily chart. Now, the price is again approaching the key resistance at $0.55, and support still holds at $0.50.

ADAUSDT_2022-08-10_16-47-35
Chart by TradingView

Technical Indicators

Trading Volume: The buying volume today is strong, but the big question is if they can sustain it over the coming days.

RSI: The daily RSI managed to stay above 50 points, placing it on the bullish side. As long as this is maintained, ADA has a good chance to move higher.

MACD: The daily MACD remains bullish. However, buyers need to be more present in the market if they are to break the key resistance.

ADAUSDT_2022-08-10_16-48-04
Chart by TradingView

Bias

The bias for ADA is bullish. A clear break of the key resistance would confirm this bias.

Short-Term Prediction for ADA Price

ADA appears ready to make another attempt at breaking the $0.55 key resistance, which in the past month has been rejecting any bullish momentum. If the buyers can control the price action and break this level, then the cryptocurrency can rally towards its next target at $0.66.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

.custom-author-info{
border-top:none;
margin:0px;
margin-bottom:25px;
background: #f1f1f1;
}
.custom-author-info .author-title{
margin-top:0px;
color:#3b3b3b;
background:#fed319;
padding:5px 15px;
font-size: 20px;
}
.author-info .author-avatar {
margin: 0px 25px 0px 15px;
}
.custom-author-info .author-avatar img{
border-radius: 50%;
border: 2px solid #d0c9c9;
padding: 3px;
}

Time Stamp:

More from CryptoPotato