ADA price fell as low as $1.20 yesterday but found support at this level and bounced back. With that, ADA started a new uptrend and managed to surpass the SMA100 today at $1.25. Following that, the price moved above $1.28 and went as high as $1.31. At this level, Cardano faced a strong resistance and settled for a price correction. At the time of writing this article, ADA is at $1.28.
Buy ADA with the lowest exchange fees on HiExhchange.
ADA Price Action Analysis
Taking a look at the 1-hour chart, we can see ADA price is inside a triangle pattern. Yesterday, it hit the bottom at $1.20 and did not dip below.
By having support at the bottom, Cardano managed to bounce back with a new uptrend. Following that, ADA surpassed the SMA100 and moved toward $1.31. Yet, by reaching this level the growth had to stop and the price backed down.
Currently, the $1.28 is supporting the price and in case of persistence, Cardano can continue moving upwards. For the bullish scenario, the $1.31 to $1.33 is the first resistance level followed by $1.38 and $1.45.
On the other hand, if the $1.28 fails to support the price, there could be further correction. For the bearish scenario, the $1.26 to $1.25 zone and the SMA100 will be the expected support levels. Further decline can bring the price down to $1.22 and $1.20.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is on an upward momentum.
RSI: the 1-hour relative strength index is approximately 58.
Resistance levels: the first support level will be $1.31 to $1.32 followed by $1.38. The $1.40 to $1.42 and $1.45 are the next resistance levels.
Support levels: the first support for ADA is at $1.28 followed by $1.25 and then $1.22. The $1.20 is the crucial support level for ADA.
HiExchange
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Backed by 24/7 customer support, our great reviews on OkChanger and Trustpilot is a testament of our good will. We are on Bestchange and are always amongst the top exchanges.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog
