Is Local Bottom Confirmed for Cardano After a 40% Monthly Correction? (ADA Price Analysis)

Key Support levels: $0.75

Key resistance levels: $0.85, 0.91

ADA has reverted to $0.75 as its key support, which was last tested February 24th. After a long correction that lasted for a month, ADA seems to be showing some signs that it is beginning to reverse its downward trend. First, consider if the price reaches $0.85.

Chart by TradingView

Technical Indicators

Trade Volume: This volume is still relatively flat and evenly balanced between bears and bulls. It shows an equilibrium. This could be a base for a possible reverse.

RSI: At the end of April, the daily RSI was below 30 points. However, it quickly escaped the oversold zone by hitting a higher low. If this trend continues buyers will have more reasons to push prices up.

MACD: Daily MACD is still bearish. It is however making a bullish divergence in the histogram. A positive flip becomes more probable if ADA breaks the key resistance.

Chart by TradingView

Bias

The bias for ADA remains neutral. Breaking the resistance at $0.85 could turn the bias bullish.

Prediction of ADA price in the short-term

Based on price action and indicators, ADA may see a relief rally. If Bitcoin stops the correction that has also pulled altcoins lower, then ADA could break above $0.85 in a week.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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