• Cardano (ADA) price hit a new yearly high today, the culmination of an upward trend that began in October.

  • The Relative Strength Index (RSI) and price action on the weekly time frame support continued gains.

  • Despite the bullish ADA price forecast, a weekly close below the $0.41 horizontal resistance zone will invalidate the breakout.

  • Cardano (ADA) price is forming its eighth bullish candlestick this week.

    ADA broke above long-term horizontal resistance territory on the way up. How long will the increase last?

    Cardano Breaks Above 430-Day Resistance

    Weekly time frame technical analysis shows ADA price rising rapidly since October. It is creating its eighth bullish weekly candlestick in a row.

    Today’s uptrend reached a high of $0.50. This is a new yearly high and the highest price for ADA since September 2022.

    Additionally, it broke above the 430-day-old long-term horizontal resistance area. Cardano (ADA) price is forming its eighth bullish candlestick this week.

    ADA broke above long-term horizontal resistance territory on the way up. How long will the increase last?

Market traders use RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell assets.

Readings above 50 and trending upward suggest bulls still have the advantage, while readings below 50 suggest the opposite.

The weekly RSI is rising and above 50, which are both positive signs. Furthermore, it has entered the overbought zone (green icon). The last time the RSI entered overbought territory (green vertical trendline), it was preceded by a significant increase that resulted in ADA price hitting an all-time high.

Cardano (ADA) Price Prediction – Can It Hit $1?

Technical analysis on the daily time frame supports the continued upward movement of ADA due to wave number and RSI movement.

Technical analysts use Elliott Wave Theory to determine the direction of a trend by studying recurring long-term price patterns and investor psychology.

The most likely wave count suggests that ADA price is on the third wave of a five-wave uptrend.

Set the third wave at 2.61 times the length of the first wave with a price target of $0.70. ADA prices would need to rise by 40% to reach this target.

The daily RSI supports this rise as it broke above the bearish divergence trendline and is moving higher.