The Cardano (ADA) price created a lower high after a rejection from the $0.36 area. A successful breakout above it could accelerate the rate of increase.
The ADA token is the native coin of the Cardano blockchain platform. The ADA price has fallen under a descending resistance line since reaching an all-time high price of $3.10 in August 2021. The decrease led to a low of $0.23 in December 2022.
The ADA price began to increase afterward and broke out from the resistance line in January 2023. While it failed to move above the $0.39 resistance area, it validated the resistance line as support (green icon).
However, the trend can only be considered bullish once the ADA price breaks out from the $0.39 area. Besides being the main horizontal resistance, the rejection from it coincided with an RSI rejection from the 50 line (red icon). As a result, a breakout above $0.39 combined with an RSI increase above 50 is required in order…
