ADA’s price has found good support at $0.85 and now appears ready to enter a relief rally.
Key Support levels: $0.85
Key Resistance levels: $1, $1.1
ADA fell to the critical support at $0.85, and now the price is keen to move back up towards the resistance at $1. It is unlikely for the cryptocurrency to break above it, but at least market participants might soon see a rally towards it.
Technical Indicators
Trading Volume: The volume is picking up after this most recent drop, and buyers seem to have returned to ADA.
RSI: The daily RSI nearly reached oversold conditions today before the price turned around. The RSI is now quickly moving higher.
MACD: The daily MACD remains bearish, but if the bullish momentum intensifies, it could lead to a positive crossover on the moving averages. That would turn the current price action around.
Bias
The current bias is neutral. The indicators suggest some bullishness, but it is a bit early to rely on it.
Short-Term Prediction for ADA Price
It is very important to see ADA finding support as that confirms the price is unlikely to fall much lower at this time. On the contrary, a relief rally can take ADA back to the key resistance at $1.
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Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/cardano-price-analysis-ada-tumbles-to-0-85-but-is-a-relief-rally-coming/