After a nice relief rally yesterday, ADA managed to hit the $0.50 psychological level again.
Key Support levels: $0.45, $0.38
Key Resistance levels: $0.55, $0.66
Cardano found good support at $0.45, and since then, the buyers took over the price action, which led helped the cryptocurrency reach $0.50 at the time of this post. However, the momentum has faded today, and bulls will have to break above the $0.55 resistance if they are to maintain the uptrend.
Technical Indicators
Trading Volume: Today’s volume is in red after a significant buy pressure yesterday. The bulls may try to regain control, but they have a hard task ahead.
RSI: The daily RSI has remained around 50 points in the past few days. This shows some indecisiveness in the market, placing the price in a flat trend within the key levels.
MACD: The daily MACD is bullish, but the histogram is losing momentum. A push above $0.55 is needed for the bulls to avoid a possible bearish cross in the future.
Bias
The bias for ADA is neutral as long as the price remains in a range.
Short-Term Prediction for ADA Price
Buyers managed to rescue ADA at the critical support of $0.45, but will they have the strength to break the resistance? If not, then the cryptocurrency could continue to range between the critical levels which were established in May. This consolidation period is becoming quite prolonged, and when the breakout happens, it will likely be very significant.
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Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/ada-taps-0-50-but-heres-the-critical-level-to-watch-cardano-price-analysis/