ADA price fell below $0.4250 on August 29 and had support then bounced back. With the recovery, the price surpassed $0.46 and $0.50 and reached $0.53 on September 10. At that point, Cardano faced strong resistance and failed to break through despite the efforts. Subsequently, it went for another correction and came back down to $0.4350 on September 19. Further ore, with the new found support, it climbed back up to $0.48 on September 23 but once again failed. Currently, ADA price is at $0.45.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see Cardano hitting a strong ceiling at $0.60 and having to back down. After that, it lost the $0.50 and settled at $0.4250 with the new support. Subsequently, Cardano managed to bounce back and recover. With that, it went all the way up to $0.53 on September 10 but failed to break through and settled back down at $0.4350.
Currently, the $0.49 is a key resistance level for ADA. In case of a successful breakthrough, the $0.52 is the next resistance followed by $0.54 on the trendline. In case of stabilizing, Cardano can move toward $0.58 and $0.60.
On the other hand, if ADA price fails to surpass $0.50, there could be further correction. For the bearish scenario, the $0.45 is the first support level on the SMA100. In case of losing this level, the $0.4250 is the key support level. Further decline can bring ADA down to $0.41 and $0.40.
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 $0.50 followed by $0.55. The $0.60 will be the next resistance level.
Support levels: the first support for ADA is at $0.44 followed by $0.43. and then $0.4250 will be next.
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