Cardano Soars Over 11%, Reaching Highest Point Since May 2022

Cardano's price has experienced a surge of over 11% in the past 24 hours, reaching $0.8791 as of 7:28 a.m. EST. This rise has enabled ADA to reach its highest level since May 2022. However, it remains 72% below its all-time high of $3.10, set on September 2, 2021.

Cardano Price Breaks Through $0.8381 Resistance

Data from GeckoTerminal indicates that Cardano has surpassed the $0.8381 resistance level. If the price remains above this mark for the next two 4-hour candles, Cardano may gain a strong technical foundation for further ascent. Traders could potentially drive the price towards the $0.9127 barrier in the short term.

Bullish Momentum

The bullish trend may be tempered by profit-taking from recent gains. Sell pressure has begun to emerge, as evidenced by the wicks above the most recent 4-hour candles. If this pressure intensifies, Cardano could fall below $0.8381 and potentially reach the support levels at $0.7634 or $0.6929.

Technical Indicators Support Bullish Scenario

The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators on the 4-hour chart suggest a potential continuation of the positive move. RSI readings have risen to the upper 60s, indicating room for growth before overbought territory is reached. Furthermore, the RSI's positive slope and value above the 50 benchmark suggest that bulls maintain control of Cardano's price.

Short-Term Momentum Favors Bulls

Short-term momentum favors buyers, as indicated by a bullish technical signal triggered by the MACD in the past 24 hours. As the gap between the MACD line and the MACD Signal line widens, Cardano's momentum shows no signs of slowing down.

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