ADA price started out a strong bull run from March and managed to surpass the key $1 resistance level. By the end of March, ADA finally reached $1.25 but failed to break through. Subsequently, ADA price lost the trendline’s support level as well as the SMA100 yesterday around $1.18 and fell as low as $1.12. With that, Cardano found support and did not go any further down. Currently, ADA is trading at $1.15.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see ADA facing the $1.25 resistance level and failing to surpass despite multiple attempts. Following that, Cardano had to back down and lose the $1.20 to $1.18 support level and the SMA100. ADA price fell as low as $1.12 today.
Currently, the $1.12 is the first support level for ADA. In case the price remains above this level, we could expect a new bullish attempt. For this scenario, the $1.18 on the SMA100 will be the first resistance level followed by $1.20 and $1.25. In case Cardano surpassed these levels, the $1.30 and $1.40 will follow.
On the other hand, if ADA price fails to surpass $1.18 to $1.20 and loses the $1.12 to $1.10, we should expect further decline. In that case, the $1 remains the key support level for Cardano and further decline can bring it as low as $0.90 and 0.85.
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 40.
Resistance levels: the first support level will be $1.2 followed by $1.25. The $1.30 and $1.40 will be the next resistance levels.
Support levels: the first support for ADA is at $1.10 followed by $1. and then $0.9 and $0.85.
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