ADA Technical Analysis: Can Cardano Restore Dominance Above $0.50?

The ADA price action shows a long-coming resistance trendline breakout rally prepared to overcome the 100-day average line. Key Technical Points: The ADA prices jumped by 11.28% in the last 24 hours. The post-retest rally accounts for a price jump of 30% last week. The 24-hour trading volume of Cardano is $1.66 Billion, indicating a rise of 9.10%. Past Performance of ADA The ADA prices break above the long-coming downtrend under the resistance trendline influence on 7th July with a 3.5% jump. However, the 50-day SMA providing opposition influenced a retest of the broken trendline. The price action shows a post-retest reversal on 13th July from the $0.40 mark accounting for a jump of 30% over the week. Source – Tradingview ADA Technical Analysis The breakout rally helps the ADA market price exceed the $0.50 psychological level resulting in the bullish breakout of the 50-day SMA. Moreover, the price growing above the 50-day SMA teases a jump to the 100-day SMA. Additionally, the intraday trading volume grows to support the breakout rally. The RSI indicator displays a sharp spike in the uptrend from below the halfway line to approach the overbought boundary within days. Therefore, the indicator shows a phenomenal increase in underlying bullishness over the days. Furthermore, the MACD indicator displays the fast and slow lines surpassing the zero line while reclaiming the positive alignment, undermining the bearish attempt. Additi...