Cardano Rebounds With 12% As Price Nears Resistance, Is $0.5 Possible?

  • ADA’s price shows strength as price bounces from a downtrend with strong volume as price eyes a rally to $0.5.
  • ADA is facing rejection to trend higher than $0.4 because the price was sharply rejected below key resistance.
  • The price for ADA remains below 50 Exponential Moving Averages (EMA) and the price aims at rallying past key areas.

Cardano’s price (ADA) continues to be strong with price trending towards $0.4, but it is expected to decline to $0.5. This week has seen a better crypto market, with Bitcoin and Ethereum (ETH), showing great price movements in recent times. Cardano (ADA), which saw price rally from its downward trend to $0.4 at the high, has seen a positive impact on smaller coins. Price attempted to break through its key resistance and rallied to $0.4. Data from Binance

Related Reading: Reasons Behind The Bitcoin Price Rally – Is It Sustainable?

Cardano (ADA), price analysis on the Weekly Chart.

While many altcoins struggle to stay in the trend market, ADA’s price has been more in the downtrend. It dropped from a high point of $3 to $0.3, a drop of more than 70%.

ADA’s price recently declined from an all-time high of more than $3 to a region of $0.75 before rallying to a high of $1.3. ADA’s price faced resistance from $1.3 to breaking higher.

After the price of ADA was rejected at $1.3, it fell to a region of $0.4, where it appeared to have formed strong Support and, most likely, a demand zone for future buy orders, but this wasn’t the case as the price dropped a bit further to a weekly low of $0.35. The price of ADA rose to $0.35, reaching a peak of $0.4, with the goal of rising to $0.5.

The structure of ADA seems favorable with a good chance of price retesting in the $0.5 or higher ranges. If ADA fails or holds above $0.43 we might see a retest at $0.35.

Weekly resistance for the price of ADA – $0.45-$0.5.

Weekly Support for the price of ADA – $0.35.

Price Analysis of ADA on the Daily (1D), Chart

Source: ADAUSDT on Tradingview.com| Source: ADAUSDT On Tradingview.com

The daily price of ADA is stable and trades above the support at $0.35. After the price rallied from the daily lowest, this market looks favorable for all crypto assets. 

The price for ADA must break above 50 EMA. This will act as a resistance and strong support to the price. A price of $0.4 is equal to 50 EMA. It acts as resistance and prevents the price from rising higher, to $0.5. 

Daily resistance for the ADA price – $0.42.

Daily Support for the ADA price – $0.35.

Featured Image from Blockbuild Charts from Tradingview 

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