ADA price lost the $0.63 support on June 10th and fell as low as $0.45. At that level, it found support and recovered all the way up to $0.55 but the trend had to halt. With that, Cardano backed down to $0.43 on June 18th before finding support. Yesterday, the price did give an attempt to surpass the trendline at $0.50 but failed to do so. Currently, ADA price is at $0.47.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see Cardano getting solid support from the $0.45 to $0.43 zone. On June 18th, the price bounced back from the $0.43 support level. Subsequently, ADA price climbed all the way up to $0.50 yesterday but failed to surpass.
Currently, the $0.45 is the first resistance level for Cardano. In case of a successful support, Cardano can make another attempt to surpass $0.50. With that, the next level is at $0.55 followed by $0.60 as the upcoming resistance level.
On the other hand, if ADA price fails to surpass $0.50 and subsequently loses the $0.45, we should expect further decline.
For the bearish scenario, the $0.43 is the key support level followed closely by $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 45.
Resistance levels: the first support level will be $0.50 followed by $0.55. The $0.60 will be the next resistance level.
Support levels: the first support for ADA is at $0.45 followed by $0.43. and then $0.40 will be next.
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