Cardano Eyes Its Next Major Move As Volume Decreasing: ADA Price Analysis
Cardano’s native token, ADA, found support just under the $1 mark but so far failed to create bullish momentum to reclaim back above it, but the next price move is imminent.
Key Support levels: $0.91, $0.79
Key Resistance levels: $1, $1.2
ADA found support on top of the $0.91 level after the price broke below $1. Since breaking below the milestone level, it had turned into key resistance. Because bears did not manage to push ADA much lower, bulls may take advantage of this to take ADA back on the uptrend to reclaim the $1 level.
Technical Indicators
Trading Volume: The volume is dropping, indicating a significant move coming soon. Considering it is a weekend as of writing this, it’s expected to occur around the start of the new week.
RSI: The daily RSI made a higher low and did not reach the oversold area. If bulls manage to stop the price from falling lower, this could end in a reversal.
MACD: The daily MACD remains bearish, but on the 12-hour timeframe, the moving averages are about to do a bullish cross. That would be a significant signal that could encourage bulls to push ADA back above $1.
Bias
The bias for ADA is neutral.
Short-Term Prediction for ADA Price
The price consolidates for now and appears to be ready for its next move. A retest of $1 resistance seems likely if the bulls take over the price action in the coming week. The sell-side appears to have lost interest at the time of this post which may allow bulls to reclaim the current resistance.
