ADA price fell down to $0.43 and $0.4250 on August 28 and had support. With that, it managed to form a recovery and surpassed $0.45 and then $0.50 and settled at $0.53 on September 10. At that point, Cardano faced strong resistance and had a correction. Subsequently, the price fell down to $0.4150 and found support. By stabilizing, Cardano made another move and climbed up to $0.4350 but failed to break through. Currently, ADA price is around $0.4220.
ADA Price Action Analysis
Taking a look at the 4-hour chart, we see ADA facing a strong resistance at $0.60 and falling down as low as $0.4150. Then, it had some support and managed to bounce back with a recovery. However, it soon failed to surpass $0.4350 and dipped as low as $0.42.
At this point, the $0.4150 is the first support level for Cardano. In case of good support, the price can one again make an attempt to surpass the downtrend on the chart. For that, the $0.4250 is the level to beat followed by $0.43 on the SMA100. The $0.4350 and $0.44 are the next resistance levels to follow.
On the other hand, if ADA price fails to surpass $0.43, there could be further correction. For the bearish scenario, the $0.42 and $0.4150 are key support levels. In case of losing them, the $0.40 and $0.38 are the following support levels.
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 50.
Resistance levels: the first support level will be $0.4250 followed by $0.43. The $0.45 will be the next resistance level.
Support levels: the first support for ADA is at $0.4150 followed by $0.40. and then $0.38 will be next.
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