ADA entered into a correction after it reached 40 cents.
Key Support levels: $0.35
Key Resistance levels: $0.41
1. ADA’s Rally Comes to a Pause
The price made a local high at 40 cents before sellers returned and pushed ADA into a correction. The current support is found at 35 cents. It is critical for bulls to hold here if ADA is to continue its rally.
2. Sellers are Returning
Buyers have dominated for most of this week, but now sellers appear to be coming back. The price action has turned slightly bearish on the lower time frames as well.
3. Bullish Momentum under Threat
The 3-day MACD histogram has been making lower highs, and the daily MACD moving averages did a bearish cross yesterday. This could be the start of a longer correction.
Bias
The bias for ADA is neutral.
Short-Term Prediction for ADA Price
Cardano did extremely well in the past few weeks after it rallied from 24 cents to 40 cents. However, it seems the resistance at 40 cents has put a stop to that. The bias will change to bearish if the support at 35 cents is lost.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
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.