Last Thursday, ADA fell below key support; however, the native Cardano token was able to recover quickly. Since then, ADA saw a decent bounce with a long wick below key support.
Key Support Levels: $0.85
Key resistance levels: $1, $1.1
In our most recent analysis, ADA was below the critical support of $0.85, but managed to recover it and confirm this level as support ever since. This is textbook bullish price action, but the main question is whether ADA can sustain above the critical support level.
Chart by TradingView
Trading Volume: Strong volume after this most recent rally. The big question now is whether ADA can sustain it and push the price towards the next key resistance in the middle of $1.
RSI: Daily RSI is moving higher and closes at 40 points, making a higher low. Unless we see a bearish reversal soon, this could be a sign of optimism.
MACD: The daily MACD is still bearish, but the histogram makes higher lows. Momentum may soon turn in favor of the bulls after a prolonged correction pushed ADA below $1.
Chart by TradingView
The current bias is neutral. ADA has to break above $1 to turn bullish and hold the key support at $0.85 on the other hand.
Short term prediction for ADA price
If it holds above key support, the most likely scenario for ADA is to test resistance at $1. That will be decisive for the next direction of the price of ADA. At press time, buyers defended the support at $0.85 well.
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Cryptocurrency charts from TradingView.
This post ADA finds support at a critical level, is a retest of $1 coming?
was published first on https://cryptopotato.com/cardano-price-analysis-ada-finds-support-at-critical-level-is-1-retest-incoming/