ADA price managed to bounce back from the $0.74 support level on May 1st and reached $0.90. However, Cardano faced strong resistance at $0.90 and had to back down and lose $0.85 and $0.80. Today, ADA fell as low as $0.74 and at some point touched the $0.7350 before finding a bottom. With that, ADA price is currently at $0.74 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 failing to surpass $0.90 and going for a correction. Subsequently, by losing the $0.80, the plunged gained momentum and ADA fell down to $0.74.
Currently, the $0.74 is a key support level for Cardano and it could bounce back in case of having support. For the bullish scenario, the $0.80 near the SMA100 and the 50% Fibonacci retracement level is the critical resistance level for the price. Following that, the $0.85 and $0.87 are the next resistance levels. In case of a successful breakthrough, the $0.90 and $0.95 will be coming next.
On the other hand, if ADA price fails to surpass $0.80, we could expect further decline to follow. With that, the $0.70 and then the $0.60 will be the next key support levels for Cardano.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for ADA is on a downward momentum.
RSI: the 1-hour relative strength index is approximately 35.
Resistance levels: the first support level will be $0.80 followed by $0.87. The $0.90 be the next resistance level.
Support levels: the first support for ADA is at $0.75 followed by $0.70. and then $0.68 and $0.65.
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