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

May 3, 2022
in Crypto News
Reading Time: 2 mins read
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Is Local Bottom Confirmed for Cardano After a 40% Monthly Correction? (ADA Price Analysis)
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Key Support levels: $0.75

Key Resistance levels: $0.85, $0.91

ADA has returned to the key support at $0.75, which was last tested on February 24th. After a prolonged correction that happened over the course of a month, ADA appears to be giving some initial signs that it can reverse its downtrend. The first thing to consider would be if the price breaks above $0.85.

Chart by TradingView

Technical Indicators

Trading Volume: The volume remains somewhat flat and balanced between bulls and bears, showing an equilibrium. This may form a good base for a possible reversal.

RSI: The daily RSI fell under 30 points at the end of April and quickly left the oversold area by making a higher low. If this trend continues, then buyers will have additional reasons to push prices higher.

MACD: The daily MACD remains bearish. However, it is making a bullish divergence on the histogram, and a positive flip becomes more likely if ADA can break the key resistance.

ADAUSDT_2022-05-03_13-01-51
Chart by TradingView

Bias

The bias for ADA is neutral. A break of the resistance at $0.85 would turn the bias bullish.

Short-Term Prediction for ADA Price

ADA has a real chance at a relief rally based on the price action and indicators. If Bitcoin stops the correction, which has pulled altcoins down as well, then ADA may be able to break above $0.85 in the coming week.

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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.

Credit: Source link

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