Since October, the Cardano (ADA) price has created six successive bullish weekly candlesticks.

The ADA price broke out from a short-term horizontal resistance but has yet to move above a long-term one. Will it do so?

Cardano Struggles at Range High

The technical analysis of the weekly timeframe shows that the ADA price has increased swiftly since October 16 (green icon). Since then, the price has created six successive bullish weekly candlesticks.

The ADA price increase culminated with a high of $0.41 two weeks ago but did not break out from a long-term range, which has been in place for more than a year. Rather, it created a long upper wick (red icon) and fell slightly.

Market traders use the Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

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Author: Valdrin Tahiri

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