ADA price fell down to $0.43 and $0.4250 on August 29 and had support before going further down. With that, Cardano managed to stabilize at this level and go for a recovery attempt. Subsequently, the price managed to surpass $0.45 and $0.50 and reach $0.53 by September 10. At that point, ADA faced strong resistance and despite multiple attempts, failed to break through. Therefore, it fell down to $0.46 with a correction. Currently, ADA price is at $0.49.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see Cardano hitting a resistance at $0.60 and having to back down. By losing the $0.50, the price fell down to $0.4250 but had support at this level. With a recovery, Cardano climbed as high as $0.53 on September 10 but faced resistance. After that, it settled back down at $0.4550.
Currently, the $0.50 is the first resistance level for Cardano. In case of a successful breakthrough, the $0.53 will be the next one. Furthermore, if ADA manages to surpass these levels, the $0.55, $0.58 and $0.60 are next in line.
On the other hand, if ADA price fails to surpass $0.50, there could be further correction. For the correction, the $0.48 on the SMA100 is the first support level. In case of losing it, the $0.45 and $0.4250 are the next support levels.
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 $0.50 followed by $0.55. The $0.60 will be the next resistance level.
Support levels: the first support for ADA is at $0.49 followed by $0.45. and then $0.4250 will be next.
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