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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.
