ADA Recovers 5% on Vasil Hard Fork Day, Is $0.5 Next? (Cardano Price Analysis)

ADA managed to stop the downtrend and the bulls increased the price on the day that the protocol will see its Vasil upgrade going live.

Key support levels: $0.43, $0.38

Key resistance levels: $0.50, $0.56

The buyers came in strong today and managed to turn the price action above the key support at $0.43. If this bullish momentum continues, ADA could rise towards $0.5, which is the current resistance. This would also be a sign that the downtrend is reversing.

Chart by TradingView

Technical indicators

Trading volume: Volume picked up yesterday and closed in the red, but it quickly reversed today and buyers have the upper hand.

RSI: The daily RSI is approaching 50 points. If the buyers manage to push it above, then the momentum can reverse in their favor.

MACD: The daily MACD remains bearish, but the histogram is making higher lows, which is an early sign of a possible bearish trend reversal.

Chart by TradingView


ADA bias is neutral.

Short term prediction for ADA price

At this point, ADA has managed to stop the downtrend and buyers seem anxious. This is a good sign, but the bulls need to withstand the pressure if they want to manage to break the key resistance of $0.50.


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