$ADA Cardano broke above the upper resistance trend line of the falling wedge pattern on Wednesday. This pattern was formed by connecting several highs and lows with two trend lines since early May. At the time this news was written on Thursday, the price slightly decreased after retesting the 50-day Exponential Moving Average (EMA) at $0.62.
If ADA closes above the 50-day EMA at $0.62 on a daily basis, the price could continue its rally towards the peak level of June 11 at $0.73.
The Relative Strength Index (RSI) on the daily chart reads 54 and is trending upwards, indicating that bullish momentum is gaining traction. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover on June 29. This indicator also displays increasing green histogram bars above the neutral zero line, implying that bullish momentum is gaining traction and continuing the upward trend.
However, if ADA faces a correction and closes below $0.60, the daily support level, the price could continue to decline towards Tuesday's low of $0.57.
