Cardano's Volatile Trading: A Possible Rally From Key Support Levels
After days of volatile trading, Cardano seems to be starting a possible rally from the key support level. The following is some of the key support levels: $0.45, $0.38 Some pressure from sellers from as high as $0.50 could stop this rally in its t[...]
After a tense few days where bulls had to defend the key support, Cardano may be trying to rally.
Support levels: $0.45, $0.38
$0.50, $0.55, and $0.66 are key resistance levels
Buyers were able to keep ADA above the key support at $0.45, and now the indicators on shorter timeframes are showing signs that sellers may concede this struggle and allow the price to move higher. Bulls will need to take the price above $0.50 resistance in order to gain enough confidence to move higher towards $0.55.
Technical indicators are used to assess a stock's financial health.
Trading Volume: The volume remains low. On the weekend, there was a sharp decrease, but on Monday, buyers showed interest. It's important for ADA to sustain this momentum going forward.
RSI: The daily RSI has remained flat at around 40 points, but on the 4-hour timeframe, it is making higher lows and highs. This is positive, but ADA needs more volume.
MACD: The daily MACD remains bullish but lacks momentum. As long as ADA stays above $0.45, then buyers have a good chance to push the price higher.
ADA's bias is not favorable.
Predicting ADA's Price in the Short Term
A lot of tension has been building around ADA, particularly at this key support of $0.45. The price will likely experience a sharp increase in volatility as soon as the balance of power between bulls and bears shifts.