Outside Source
Cardano’s price scored a 3% increase in the past 24 hours as bulls are attempting a recovery. Will they be successful, though?
Key Support levels: $0.43, $0.38
Key Resistance levels: $0.50, $0.56
Even if buyers manage to defend the key support at $0.43, ADA made a lower low yesterday. This is typically a bearish signal. Nevertheless, bulls continue to be in control of the price action at the time of this post. Should they maintain this momentum, then ADA’s biggest target is to reach the $0.50 level, which is acting as a key resistance.
Technical Indicators
Trading Volume: The volume has been decreasing for over a week and is making lower highs. Market participants appear to have lost some interest in ADA.
RSI: The daily RSI is around 40 points and is curving back up after yesterday’s recovery. This is positive, but the it has to 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 reversal in the downtrend.
Bias
The bias for ADA is neutral.
Short-Term Prediction for ADA Price
As long as buyers manage to defend ADA at the $0.43 key support, the cryptocurrency has a good chance to return on the uptrend and challenge the key resistance at $0.50. For this to happen, however, the volume also needs to pick up.
This article first appeared at CryptoPotato
