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    Home » Price Analysis » ADA Price Analysis: Cardano at Critical Support, is $0.40 In Sight?

    ADA Price Analysis: Cardano at Critical Support, is $0.40 In Sight?

    Author: Duo Nine

    Last Updated May 24, 2022 @ 15:41

    ADA failed to sustain a rally and break the key resistance. Now, the price is dangerously close to a critical support.

    Key Support levels: $0.50, $0.40 

    Key Resistance levels: $0.60, $0.75

    ADA attempted to rally yesterday, but the price was quickly pushed back to the key support at $0.50. Should this critical level fall, then the cryptocurrency could go all the way down to $0.40. The important resistance sits at $0.60, and Cardano only managed to test this level once when it was sharply rejected.

    ADAUSDT_2022-05-24_11-38-00
    Chart by TradingView

    Technical Indicators

    Trading Volume: The volume is absent. There is simply no momentum behind the price action, and the best ADA could do is move sideways. This is a sign of weakness in the market.

    RSI: The daily RSI made a higher low and higher high, but without volume, this gives little confidence in a sustained recovery.

    MACD: The daily MACD remains bullish. The histogram continues to make higher highs and signals that buyers may have the upper hand. However, to confirm this, ADA has to break the resistance at $0.60.

    ADAUSDT_2022-05-24_11-37-32
    Chart by TradingView

    Bias

    The bias for ADA is neutral. The cryptocurrency has failed to break above the key resistance, and so long it moves sideways, the bias will remain neutral.

    Short-Term Prediction for ADA Price

    Similar to most of the crypto market right now, ADA suffers from a lack of volume. For this reason, the best the market can offer right now is a flat trend. This makes it particularly risky, and it’s important to wait for a breakout towards any direction.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Cardano (ADA) Price
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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