Cardano: small moves to higher groundsAlthough side trading continues for ADA, still, during the previous week, ADA made some short moves to the higher grounds. Those moves were not so significant, but they show that there is still some investor’s interest for this coin, which might gradually lead ADA toward next resistance at $0.6.
ADA started the previous week at $0.5 support line and managed to reach its highest weekly level at $0.56. Buying orders were dominant in a weekly trading, which supported the coin to move to the resistance line. During the week RSI was moving between 57 and 61, which indicates that the market is still eying the overbought side. Moving average of 50 days started its modest convergence toward MA200, but there is still a relatively high distance between two lines. This indicates that the golden cross continues to be on hold.
For a third week in a row, charts are pointing toward the resistance line at $0.6 as the next target for ADA. Whether the coin will have strength to reach it in the coming week will depend on market demand for this coin. On the opposite side, there is some probability that the $0.5 support line might be tested once again.
