![Cardano Spikes 4% in a Day, but Is The Worst Over? (ADA Price Analysis) Cardano Spikes 4% in a Day, but Is The Worst Over? (ADA Price Analysis)](https://i0.wp.com/cryptopotato.com/wp-content/uploads/2023/01/ADAUSDT_2023-01-02_11-27-19.png?w=896&ssl=1)
[ad_1]
After making a lower low in December, Cardano surprised the market in the new year by opening in green.
Key Support levels: $0.24, $0.20
Key Resistance levels: $0.30, $0.34
Optimism is building up as Cardano seems to have found good support at $0.24. Since the start of 2023, ADA is in green and does not appear to be looking back. If this momentum continues then, this cryptocurrency could even target $0.30, which is the next key resistance.
Trading Volume: The volume is rather flat, but despite this, ADA closed in the green for the past three days. Buyers may be returning.
RSI: The daily RSI made a bullish divergence as the price fell to a yearly low in December 2022. This is promising, particularly in light of the current price action.
MACD: The daily MACD charted a bullish cross on New Year’s Eve. Perhaps this was the signal buyers waiting for.
bias
The bias for ADA is leaning bullish, but a clear break of the key resistance at $0.30 is needed to confirm it.
Short-Term Prediction for ADA Price
With a good start in 2023, ADA could attempt a recovery. The indicators seem to support such a reversal in the price action, but market participants need to be careful in case this is just a bull trap. It’s important to keep a close eye on the $0.30 resistance, as that will be decisive on where Cardano moves next.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making investment any decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
[ad_2]
Source link