Chart by TradingView
Cardano continues its uptrend, even if timid and with low volatility.
Key Support levels: $0.38
Key Resistance levels: $0.42
Buyers are quite happy to see ADA has managed to reach 40 cents. However, the current momentum lacks conviction. The key resistance is not far away – at 42 cents, and the price does not have much space left before sellers could return. The key support is at 38 cents.
Trading Volume: The good buy volume in the past three days has allowed ADA to move higher and reach 40 cents.
RSI: The daily RSI is at 62 points and remains bullish with higher highs.
MACD: The daily MACD is bullish, but the histogram clearly shows a bearish divergence. This is a warning sign that the bullish momentum is fading.
The bias for ADA is bullish.
The expectation is for ADA to test the key resistance at 42 cents. If buyers fail to gather more strength on the way there, then a rejection appears likely. This could take this cryptocurrency into a pullback, similar to February when the price was rejected by the same level.
