ADA Range-bounds following $0.55 Rejection

The Cardano price prediction shows that ADA failed to recover from the recent low of $0.48 to trade above $0.55.

ADA/USD Market

Key Levels:

Resistance levels: $0.90, $1.00, $1.10

Support levels: $0.20, $0.10, $0.00

ADA/USD continues to fall below the 9-day and 21-day moving averages after touching the daily high of $0.55, which is now subject to the price actions near the 9-day moving average. However, as the bears step back into the market, the Cardano price is likely to lose momentum to the lower side of the rising wedge along with a potential price surge.

Cardano Price Prediction: ADA/USD May Not Be Ready for The Upside

According to the daily chart, the Cardano price may continue to face the south as the coin remains below the 9-day and 21-day moving averages. Meanwhile, a bullish cross above the 9-day moving average is needed to correct the immediate bearish pressure and push the coin back on the recovery trend. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.90, $1.00, and $1.10 resistance levels.

However, on the downside, once the support of $0.50 is broken, the sell-off may likely gain traction with the next focus at the nearest support level of $0.45, which could be followed by the nearest support level of 0.30. Consequently, if these levels were broken and the coin crosses below the lower boundary of the channel, the downside pressure may increase and the next support is created by the critical supports at $0.20, $0.10, and $0.00 as the technical indicator Relative Strength Index (14) moves around 30-level.

ADA/BTC Market: Cardano Price May Remain At the South

When Compared with Bitcoin, the Cardano price is following a downward trend as revealed by the technical indicator Relative Strength Index (14). Although the market price is unstable as it hovers at 1765 SAT. Meanwhile, a low swing could push the coin to the support level of 1500 SAT and below. At the moment, the bears are gaining ground while they are declining as the RSI (14) may stay below 40-level.

On the contrary, a rebound may occur if the buyers could defend the current level and push it above the 9-day and 21-day moving averages to hit the potential resistance level of 2100 SAT and above.

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