ADA price failed to surpass $0.50 on July 9 and had to fall as low as $0.42. At some point, the price touched $0.40 but found support and did not fall lower. With that, the price had a chance for rally and reached $0.46 by surpassing the SMA100. Currently, ADA price is at $0.46.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see Cardano bound in the range between $0.40 and $0.70. ADA failed to surpass $0.50 a few days ago and found support at the bottom at $0.40. By stabilizing at this level, it had a chance to set for recover and climbed back to $0.46.
Currently, the $0.48 on the downtrend is the first resistance level for ADA price. In case of a successful breakthrough, the $0.50 and $0.55 will be next. The next key resistance level is $0.60.
On the other hand, if ADA price fails to surpass $0.48, there could be further correction ahead. In this case, the $0.44 on the SMA100 is the first support level for Cardano. In case of losing this level, we could expect further decline.
For the bearish scenario, the $0.40 and then the $0.35 will be the next support levels for the price.
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 $0.48 followed by $0.50. The $0.60 will be the next resistance level.
Support levels: the first support for ADA is at $0.45 followed by $0.40. and then $0.35 will be next.
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