Cardano (ADA)Crypto News

Is the local bottom for Cardano confirmed after a monthly 40% correction? (ADA price analysis)

                                                            <strong>Wichtige Unterstützungsniveaus: 0,75 $</strong>

Key resistance levels: $0.85, $0.91

ADA has returned to key support at $0.75, last tested on Feb 24th. After a longer correction, which took place over the course of a month, ADA appears to be showing signs of reversing its downtrend. The first thing to consider would be if the price breaks above $0.85.
Is the local bottom for Cardano confirmed after a monthly 40% correction?  (ADA price analysis), Crypto Trading NewsChart from TradingView

Technical indicators

Trading volume: Volume remains somewhat flat and balanced between bulls and bears, showing balance. This can form a good basis for a possible trend reversal.

RSI: The daily RSI fell below 30 points in late April and quickly exited the oversold territory by forming a higher low. If this trend continues, buyers will have more 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.
Is the local bottom for Cardano confirmed after a monthly 40% correction?  (ADA price analysis), Crypto Trading NewsChart from 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 of a recovery rally based on price action and indicators. When Bitcoin stops the correction that has also been dragging altcoins lower, ADA can potentially break above $0.85 in the coming week.

Source: Crypto News Deutsch

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