Cardano ADA Breaks Key Resistance on Path to $0.30
Cardano's ADA has been making waves in the crypto market over the past week. After bouncing back from around $0.22 on September 20, the price has surged to a weekly high just above $0.26 and is currently trading near $0.2565. This represents a gain of roughly 16% in a week.
The move wasn't one big spike but rather a series of steady increases, punctuated by brief pullbacks that were promptly bought up by investors. This kind of price action is exactly what analysts like to see at the start of a trend.
On the daily chart, Cardano has broken above its 200-day EMA at $0.2395 for the first time since April and cleared the $0.245 level that capped the price during spring. Both these levels now act as support.
The RSI (Relative Strength Index) is currently sitting at 66, which indicates strong momentum without being overbought. If Cardano can hold above $0.245 on a daily close, the next target on the chart is $0.30, followed by resistance at $0.35.