ADA price found support at $0.45 on July 26 and managed to bounce back. With that, Cardano surpassed $0.5 and even reached $0.55. However, it faced strong resistance at that point and had to back down. Once again, the price the price reached the bottom of the channel and did not lose its upward trendline. Yesterday, ADA price climbed back to $0.55 but failed yet again. ADA is trading at $0.53 at the time of writing this article.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see ADA finding support at $0.40 on July 13 on an upward channel. Subsequently, Cardano found support on July 26 at $0.45 on the bottom of the channel. The price pushed all the way up to $0.55 and had to settle back down.
At this point, the $0.52 near the SMA100 is the key support level for ADA. This level is at the bottom of the channel. In case of providing meaningful support, Cardano will make another attempt to surpass $0.55. Upon breaking this level, the $0.58 and $0.60 are the next resistance levels.
On the other hand, if ADA price fails to surpass $0.55 and subsequently loses the $0.50, there could be further correction.
For the bearish scenario, the $0.47 is the next support level. Further decline will bring Cardano down to $0.45 and $0.40.
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 60.
Resistance levels: the first support level will be $0.55 followed by $0.60. The $0.65 will be the next resistance level.
Support levels: the first support for ADA is at $0.50 followed by $0.47. and then $0.40 will be next.
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