Cardano (ADA) is forming its eighth consecutive rising candlestick and is showing an uptrend by breaking through the horizontal resistance level. ADA’s price has reached the highest level seen in 2023, climbing to $0.62.
ADA’s price movement has allowed the breaking of a horizontal resistance that has been ongoing for 430 days. The Relative Strength Index (RSI) is an indicator that helps investors evaluate market entry opportunities.
The RSI remaining above 50 indicates a bullish trend and the continuation of the bulls’ advantage. The weekly RSI continues to rise and is trading above 50. It is also observed that the RSI has entered the overbought zone.
In technical analysis, the number of waves supporting ADA’s price increase and the RSI movement are being examined. According to Elliott Wave theory, ADA’s price is in the third wave of a five-wave bullish movement, with a potential price target of $0.70.
Avalanche (AVAX), along with ADA, is another altcoin that has been standing out, showing an increase of 156% in the last 30 days and 205% since the beginning of 2023. AVAX is trading at the $33 level, with a positive movement of 9% in the last 24 hours.