Summary
TLDR: Cardano (ADA) price finally closed above a long-term resistance area, reaching the highest weekly close since May 2021. Despite bearish RSI signals, the price action, wave count, and positive sentiment suggest a potential bullish trend. However, a close below $0.58 could trigger a 17% drop. Always conduct your own research before making financial decisions.
Key Points
1. The Cardano (ADA) price reached a weekly close above a long-term resistance area after six unsuccessful attempts, marking the highest weekly close since May 2021.
2. Despite the positive weekly close, the weekly Relative Strength Index (RSI) remains bearish, indicating potential downward movements in the future.
3. The daily time frame chart for ADA is currently bullish, with price action, wave count, and RSI readings supporting a potential upward trend.