ADA price failed to surpass $0.92 last week and lost the $0.75 support on May 9th then fell as low as $0.6. With a new bottom, ADA started to grow with a recovery but once again failed to break $0.7. Subsequently, with the Bitcoin crash, Cardano fell down to $0.4. At that point, the buyers did not allow ADA to fall further. Following that, the price started to hike and managed to reach $0.6 on May 13 before hitting the downward trendline. Subsequently, ADA price settled back down on $0.5 and is currently trading at $0.54.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see ADA losing the $0.75 support and going on a spiral. As Bitcoin crashed, Cardano also fell down to $0.4. However, the buyers started to accumulate and did not allow the price to fall. With that, ADA managed to recover and reach take back $0.6. But, the price faced strong resistance and dipped down to $0.5.
Currently, the $0.55 on the SMA100 is the first resistance level for Cardano. In case of a successful breakthrough, we can expect Cardano to regain $0.6 and $0.65. After that, the $0.75 will be the next resistance level for the price.
On the other hand, if ADA fails to surpass $0.55, there could be further correction to follow.
For the bearish scenario, the $0.5 is the key support level. Following that, the $0.4 can stop the decline. Losing this level can push ADA down below $0.35 and $0.3.
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 $0.55 followed by $0.65. The $0.75 will be the next resistance level.
Support levels: the first support for ADA is at $0.50 followed by $0.40. and then $0.30 will be next.
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