Cardano’s pricing provides an entry point for a bullish breakthrough.

Mr. Plan ₿
2 min readNov 8, 2021

The 55-day and 200-day SMAs are squeezing the Cardano price.
The RSI is moving out of oversold area on the ADA price, and buy-side volume is starting to go up.
As buy-side volume rises by the day, a bullish outbreak appears to be developing.
Cardano (ADA) is now trading in a range between the 55-day and 200-day Simple Moving Averages (SMAs). Bulls are slowly but steadily buying into the ADA price, preparing the way for a bullish outburst anytime soon, according to the Relative Strength Index (RSI). In the short term, a break above the 55-day SMA would open the door to greater upside and fresh all-time highs.

Cardano pricing is seeing an increase in buy-side activity, indicating that it is on the verge of breaking out.

Cardano’s price has been fluctuating between $2.40 and $1.80 since October, ranging from the 55-day SMA on the upside to the 200-day SMA on the downside. With both SMAs moving in the same direction, price action in ADA is stabilizing and appears to be set for a breakthrough in either direction. Expect a bullish breakthrough to take place when the RSI rises, indicating general purchasing.

A break over the 55-day SMA would entice even more buyers who have been sitting on the sidelines, hoping to get into the uptrend. Expect the 55-day SMA to depart from its downward trend and fall in line with the 200-day SMA, indicating that both are increasing, as a result of the outbreak. This would provide a strong signal to bulls that the upswing is still going strong, resulting in a significant increase in buy-side activity.

Bulls may alternatively wait for a retest around $1.89, which would be a second challenge of the 200-day SMA and the last entry point for investors looking to push the RSI above 50. Bulls would then regain control of the ADA price action and resume the uptrend, with the initial target at $2.40 and new all-time highs in the medium term. Add in some positive tailwinds from risk-on in global markets, and the increase in Cardano price could accelerate.

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Mr. Plan ₿

Passionate about personal development and crypto/stocks investments, I share valuable insights for your success . For collaborations vremaroiua.medium@gmail.com