Cardano’s price (ADA) is showing positive signs. It could soon be leading the charge against Tether (USDT), after rebounding from crucial support.
Ethereum’s price surged from $1,670-$2,000 in the region before Ethereum merge. This helped many altcoins like Cardano (ADA), to rebound.
Ethereum merge is an upgrade to the Ethereum network, from Proof of Work (POW) into Proof-Ofstake (POS) in order to increase transactional efficiency. (Data feeds coming from Binance
Weekly Chart Analysis of Price Of Cardano
As you can see, the weekly low for ADA was around $0.4, and then bounced off that level to reach $0.55.
It faces resistance at $0.66 and has gained more momentum.
If the price of ADA on the weekly chart continues with this bullish structure, it could quickly revisit $0.66 and trend higher to $0.75.
Weekly resistance for the price of ADA – $0.66.
Weekly support for the price of ADA – $0.45.
Price Analysis For ADA On The Daily (1D), Chart
The price for ADA was stable at $0.45 with strong support from what appears to be an area that is of interest on daily charts.
ADA rallied after it lost support. It now faces resistance at $0.63. Price of ADA continues to fluctuate in a channel. Breaking out of that channel may send it to resistance at $0.63
At the moment of writing, ADA prices are at $0.55. That’s higher than the $0.5 50 Exponential Moving Average.
We could see the price rising if the price is able to hold the $0.5 support. The price of ADA will need to be rejected. $0.5, which is 50 EMA, can provide support.
Relative Strength Index, (RSI), for the price ADA daily chart is higher than 65. That indicates healthy buy bids.
Volume of ADA means that there have been buy orders. It indicates bulls’ desire to increase the price.
Daily (1D) resistance for ADA price – $0.66.
Daily (1D) support for ADA price – $0.5.
Price Analysis of ADA on The Four-Hourly (4H), Chart
After a breakout above the ranging channel with success, the price for ADA continues to be bullish.
ADA trades above 50 and 200 EMA, with $0.52 and $0.5 serving as support for the 4H charts. If ADA’s price is rejected by the weekend sale-off, the 4H chart will show ADA at its lowest.
We could see prices rising to $0.66 if ADA’s price holds above its support level of 0.52 due to the high volume. If ADA suffers a selloff, the 50-200 EMA prices will act as support.
Four-Hourly (4H) resistance for ADA price – $0.66.
Four-Hourly (4H) support for ADA price – $0.52, $0.50.
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