ADA price had some strong support at $0.45 at the bottom of the channel and bounced back. With that, the price managed to surpassed $0.50 and reach $0.55. At that point, Cardano faced resistance and had to back down. Subsequently, it lost the $0.50 support and didn’t lost the bull run. Despite reaching $0.55 multiple times and failing, ADA price finally broke through this level yesterday and settled at $0.60. Currently, ADA is trading at $0.59.
ADA Price Action Analysis
Taking a look at the 4-hour chart, we see ADA finally surpassing $0.55 and failing multiple times. On August 10th, ADA fell down to $0.50 but had support by the trendline and had a pivot. Finally, it managed to break through and climb all the way up to %0.60.
At this point, the $0.50 is the key resistance level located on the long-term downtrend. In case of a successful breakthrough, the $0.65 and $0.70 are the next resistance levels.
On the other hand, if ADA price fails to surpass $0.60, there could be further correction ahead. For the bearish scenario, the $0.55 is the first support level followed by $0.50.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for ADA is on an upward momentum.
RSI: the 1-hour relative strength index is approximately 75.
Resistance levels: the first support level will be $0.60 followed by $0.65. The $0.70 will be the next resistance level.
Support levels: the first support for ADA is at $0.55 followed by $0.50. and then $0.46 will be next.
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