Cardano price rose 3% in the last 24 hours as bulls try to recover. Will they succeed, though?
Key support levels: $0.43, $0.38
Key resistance levels: $0.50, $0.56
Even if buyers manage to defend key support at $0.43, ADA made a lower low yesterday. This is usually a bearish signal. However, the bulls continue to be in control of the price action at the time of this publication. If they maintain this momentum, ADA’s biggest target is to reach the $0.50 level, which acts as key resistance.
Trading volume: Volume has been declining for over a week and is making lower highs. Market participants seem to have lost some interest in ADA.
RSI: The daily RSI is around 40 points and is recurving after yesterday’s recovery. This is positive, but it must move above 50 points to turn bullish.
MACD: The daily MACD remains bearish, but the histogram is making higher lows, which is an early sign of a possible bearish trend reversal.
ADA bias is neutral.
Short term prediction for ADA price
As long as buyers manage to defend the ADA at the key support of $0.43, the cryptocurrency has a good chance to return to the uptrend and challenge the key resistance at $0.50. For this to happen, however, the volume must also increase.
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