Chart by TradingView
With the price consolidating under the key resistance, ADA may attempt a breakout.
Key Support levels: $0.36, $0.34
Key Resistance levels: $0.38, $0.40
The price has formed a double bottom with good support at 36 cents. As long as this key level holds, bulls have a good chance to take ADA’s price to the resistance at 38 cents. A breakout above it would confirm the end of this correction that started in April.
Trading Volume: The volume continues to be low, and momentum has yet to return for bulls.
RSI: The daily RSI is making higher lows which gives hopes of a reversal soon.
MACD: 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 neutral.
Cardano is found at a critical moment which will be decisive for the remainder of the month. If buyers manage to return and break the key resistance at 38 cents, then ADA will turn bullish and could visit 40 cents next.
