ADA price failed to surpass $0.98 on April 20 and lost key support levels at $0.90 and $0.80 with a correction. Finally, it fell as low as $0.75 on April 30 and at some point touched $0.74 before bouncing back. Subsequently, Cardano went for a recovery and climbed all the way up to $0.8. At this level, ADA price is currently facing a strong resistance.
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ADA Price Action Analysis
Taking a look at the 4-hou chart, we see ADA price inside a downward channel and is consolidating between the top and bottom. Considering that, Cardano fell down to the bottom at $0.75 on April 30 and found support.
Currently, the $0.81 near the 50% Fibonacci retracement level and the SMA100 is the key resistance level for ADA. In case of a successful breakthrough, the $0.85 and $0.90 will be the next resistance levels for the price.
On the other hand, if ADA price fails to surpass $0.80, there could be further correction ahead. For the bearish scenario, the $0.77 and then the $0.74 will be the next support levels for Cardano. Further decline can bring ADA price all the way down to $0.70.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for ADA is taking back the upward momentum.
RSI: the 1-hour relative strength index is approximately 45.
Resistance levels: the first support level will be $0.80 followed by $0.83. The $0.85 and $0.90 will be the next resistance levels.
Support levels: the first support for ADA is at $0.77 followed by $0.75. and then $0.70 will be next.
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