ADA Price Analysis: Cardano at a Decisive Moment for the Month
Cardano (ADA) is currently consolidating under the key resistance level. However, the price has formed a double bottom with strong support at $0.36. As long as this level holds, bulls have a good chance to take ADA’s price to the resistance at $0.38. A breakout above it would confirm the end of the correction that started in April. Key support levels are at $0.36 and $0.34, while key resistance levels are at $0.38 and $0.40.
The trading volume continues to be low, and momentum has yet to return for bulls. The daily RSI is making higher lows, which gives hope for a reversal soon. The daily MACD did a bullish cross today, and if buyers return, it could signal the start of an uptrend.
The bias for ADA is currently neutral. Cardano is at a critical moment that will be decisive for the remainder of the month. If buyers manage to return and break the key resistance at $0.38, then ADA will turn bullish and could visit $0.40 next.
Sources:
– Cryptocurrency charts by TradingView.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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