After a tense few days where the bulls have had to defend key supports, Cardano is indicating that it may attempt to rally.
Key Support Levels: $0.45, $0.38
Key Resistance Levels: $0.50, $0.55, $0.66
Buyers managed to hold ADA above key support at $0.45, and now indicators on the lower time frame are indicating that sellers may accept the fight and allow the price to rise higher. The bulls will need to take the price above the $0.50 resistance level to gain enough confidence to move towards $0.55.
trading volume: Volume remains low. There was a sharp decline in the weekend, but on Monday buyers showed interest. It is important for ADA to maintain this momentum going forward.
RSI: The daily RSI remains flat around the 40 mark, but it is forming higher lows and highs on the 4-hour time frame. This is positive, but the ADA needs more volume.
MACD: Daily MACD remains bullish but lacks momentum. As long as ADA stays above $0.45, buyers have a good chance of increasing the price.
The bias for the ADA is neutral.
short term prediction for ADA price
A lot of tension is building around ADA, especially at this key support level of $0.45. As the balance of power between bulls and bears shifts, the price is likely to experience a sharp increase in volatility.
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Cryptocurrency charts by TradingView.