ADA price climbed as high as $0.60 on August 14 but couldn’t break through and backed down. Subsequently, ADA lost the uptrend at $0.55 and entered a red zone. With that, it lost the $0.50 and fell down to $0.4250 on August 29 but found support at that level. At that point, ADA price managed to bounce back and set for recovery then surpassed the $0.45 and $0.50. Yesterday, Cardano regained the $0.52 and $0.53 but failed move any further. Currently, ADA is exchanging hands at $0.52.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see ADA hitting a strong resistance at $0.60 and turning back down. By losing the $0.50 on August 26, Cardano fell as low as $0.4250 but found solid support at this level. Consequently, the price had a breather and managed to bounce back and move as high as $0.53.
At the moment, the $0.53 is the first resistance level for Cardano followed by $0.55 on a downtrend. In case of breaking this trendline and stabilizing above it, ADA can climb as high as $0.60 and $0.65.
On the other hand, if ADA price fails to surpass $0.53, there will be further correction. For the bearish scenario, the $0.48 on the SMA100 is the first support level. After that, the $0.45 will be the next support level. Further decline can bring ADA down to $0.43 and $0.4250.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for ADA is on a upward momentum.
RSI: the 1-hour relative strength index is approximately 55.
Resistance levels: the first support level will be $0.53 followed by $0.55. The $0.60 will be the next resistance level.
Support levels: the first support for ADA is at $0.48 followed by $0.45. and then $0.4250 will be next.
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