ADA price fell down to $0.92 on April 11th but found support and managed to bounce back. With that, Cardano climbed all the way up to $0.98 but lost momentum by reaching the SMA100. Subsequently, ADA price lost the $0.90 and dipped as low as $0.88. Yet again, the buyers provided support and Cardano stabilized. Currently, ADA is trading at $0.88.
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ADA Price Action Analysis
Takin a look at the 4-hour chart, we see Cardano has formed a falling wedge pattern for the past few weeks. Finally, on April 15th, ADA managed to escape from the top at $0.95 but could not remain above this level. After that, the price had to back down and lose the $0.92 and $0.90 and settled on $0.88 today.
Currently, the $0.88 is the first support level for Cardano. In case ADA price remains above this level, it could make another attempt for recovery.
In that case, the $0.90, $0.93 and $0.95 on the SMA100 will be critical resistance levels for the price. In case of a successful breakthrough, Cardano can continue upwards. For this scenario, the $1 is the key resistance level.
On the other hand, if ADA price fails to surpass $0.90 and subsequently loses the $0.88 support level, we could expect further decline. For this scenario, the $0.85 and $0.80 are the next key support levels. Further decline can bring ADA as low as $0.78 and $0.75.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for ADA is on a downward momentum.
RSI: the 1-hour relative strength index is approximately 30.
Resistance levels: the first support level will be $0.90 followed by $0.93. The $095 and $1 will be the next resistance levels.
Support levels: the first support for ADA is at $0.88 followed by $0.85. and then $0.80 and $0.75.
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