Cardano’s ADA to Spike +30% If Bulls Can Defend This Broken Resistance

According to Sssebi (@Av_Sebastian), a prominent crypto analyst, Cardano’s native token ADA has made a significant move, breaking out and reaching the $0.75 level. Sssebi expressed optimism, questioning, “$ADA is back to $0.75 and is now breaking out. $0.80+ is on the horizon. Can we see $1 this weekend?”

Technical Analysis Suggests Potential for $1 Target

Further analysis of ADA’s price action reveals that the relative strength index (RSI) is currently at 63, indicating that the price still has room to run higher. If the bulls can continue to defend and support the critical resistance level that ADA has broken through, the cryptocurrency could potentially reach the coveted $1 mark.

Current Retracement, Bulls Need to Close Higher

However, it’s important to note that at the time of writing, ADA’s price is presently bearish, trading at around $0.73 as it experiences a retracement. For the bullish momentum to continue and potentially push ADA towards the $1 target, the bulls need to ensure that the daily candle closes higher, defending the broken resistance level.

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Over 30% Potential Upside

If ADA can successfully maintain its upward trajectory and break through the $0.80 level, it could pave the way for a significant price spike. A move from the current level of $0.75 to the $1 target would represent an impressive gain of over 30% for the Cardano token.

As the crypto market continues to recover, all eyes are on ADA and whether the bulls can sustain their momentum, defend the broken resistance, and potentially push the token towards the highly anticipated $1 mark.

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Philipp Traugott
Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.