ADA was added to record-setting assets in the days when altcoins were rushing to new records. Cardano made the expected bullish move and broke the record by rising to $ 1.15 during the day.
The trend hit a resistance after $ 1.15 caused some retracement and the current price fluctuates within the 1.08 band. However, it is quite possible that the trend will continue and the price can be pushed up.
ADA was following a horizontal and stable movement in the last days of January. When it entered February, it broke and reached a trend that reached $ 1.15 and made progress by doubling its value. The data for the last 24 hours recorded an appreciation of over 20%. Whether this increase will continue has been a matter of curiosity for many investors.
It increases the continuity indicators for the trend in 4-hour data. Stochastic RSI data points to an overbought point with a serious high of 97, and the MACD indicator is well above the positive zone. The width of the Bollinger bands is another point that indicates the willingness to continue the trend on the hourly and 4-hour charts.
RSI data moved from the extreme area to a more stable region after the record high, but it has moved upwards. For the time being, the RSI is above the neutral 50 base and at 64 levels. Reception signals in SAR data are duplicated.
In addition to all these positive reflections, there is a decrease in ADA demands. Decreasing demand, which has a big impact on the rise, poses a risk to ADA and could be the biggest cause of price decreases. There is a crest tendency in hourly data. If this situation continues, the reasons for the inability to increase will decrease considerably.
ADA bulls need to manage the process well against bears. OBV volume data provide more positive data than Chaikin data. High unbalanced volume data can determine the direction of increase.
ADA could rise as high as $ 1.42 if the asset encountering the resistance level can see the bulls’ support past $ 1.15. ADA has found support at $ 1.05, if the uptrend is cut, the asset may see a correction to that level.