Cardano price saw an upward move over the past few days above the $0.44 level after a week of consolidation.
After rebounding from a high of $0.49 on July 8, ADA/USDT price declined marginally to $0.46. At the time of writing, ADA/USD is continuing to rise after finding support at $0.46. The altcoin is now getting ready to move towards the $0.50 level.
The pair looks set to move higher in the near term with the next resistance levels at $0.50 and $0.52. While the key support levels are at $0.47 and $0.45.
However, if there is a bearish breakout, ADA price may reach the $0.45 support level and possibly decline to the June lows at the $0.42 level.
Conversely, if the bulls manage to rise above the $0.50 level. Here ADA price is likely to reach the $0.5250 and $0.5450 highs towards the end of June.
Graphically, the Bollinger Bands are close to each other, indicating that the market is bullish, although currently, the price of the coin is falling. The RSI indicator is at 44.92 and is currently facing rejection as it is heading towards the oversold area, if it breaks below 30 it will signal further bearish pressure.
MACD is currently in the bullish zone but has shown some signs of weakness as the signal line starts crossing the MACD line.
The market is currently bearish but with some signs of a possible reversal. The short term prediction for ADA will be to wait for the market to show bullish signs before making any investments.
