Current Price Dynamics
Recently, the price of Cardano (ADA) managed to break through the important psychological level of $1. At the time of writing, ADA is trading at $1.11, reflecting a 6.32% increase over the past 24 hours. Throughout the day, the minimum price was $1.04, while the maximum reached $1.14.
Technical Indicators
The Relative Strength Index (RSI) for ADA is currently at 62.09. This value indicates moderate overbought conditions, suggesting potential for further growth. Additionally, the Elder-Ray Index shows a positive value of 0.18, confirming strong buying pressure.
Possible Development Scenarios
If Cardano manages to consolidate above the resistance level of $1.03, it could pave the way to the next target of $1.34. However, in the event of a failed consolidation, there is a risk of a pullback to the $0.94 level.
Breaking through the $1 mark, along with positive technical indicators, signals the possibility of a continued upward trend for ADA in the near future.
