Cardano Bulls Eye $0.30 as Price Breaks Key Resistance
The Cardano price has seen a significant increase over the past week, rising by around 16% to trade above its 200-day EMA. This move has caught the attention of traders, with many looking at whether ADA can push towards $0.30.
After bouncing from around $0.22 on September 20, Cardano climbed in steps before pulling back to $0.235 on September 24. However, buyers stepped in on every dip, indicating a strong trend.
The daily chart shows that ADA has closed above its 200-day EMA at $0.2395 for the first time since April, and also cleared the $0.245 level that capped the price during spring. Both levels now act as support, with the RSI sitting at 66, indicating strong momentum without being stretched.
If ADA holds above $0.245 on a daily close, the next target on the chart is $0.30, a round number and former support zone from the spring. However, if it drops back below the 200-day EMA, the whole move could be seen as a bull trap, with prices potentially revisiting $0.22 or even the June low at $0.139.