Cardano price analysis (Bullish) — 0.59 USDT (+5.45% 24h)

ADA is showing strong momentum with a 5.45% surge over the past 24 hours, pushing the price to $0.5868 against significant volume of $55.96 million. The RSI reading of 68.92 indicates approaching overbought territory but hasn’t crossed the critical 70 threshold yet. Current price action sits comfortably above both the 20-day SMA ($0.57989) and 50-day SMA ($0.570712), confirming the bullish structure. However, traders should note the elevated volatility reading of 5.36%, suggesting potential for sharp moves. For short-term positions, consider buying on dips toward the $0.58 support level with tight stops below $0.575. Longer-term holders might wait for a potential pullback to the $0.57-0.575 zone for better risk-reward entries. The high volume accompanying this move provides credibility to the breakout, but the stretched RSI warrants caution against chasing prices here.