Cardano Price Analysis: ADA Tumbles to $0.85 but is a Relief Rally Coming? - Daily Bitcoin news

Cardano Price Analysis: ADA Tumbles to $0.85 but is a Relief Rally Coming?


ADA’s price has found good support at $0.85 and now appears ready to enter a relief rally.

Key Support Levels: $0.85

Key Resistance levels: $1, $1.1

ADA fell to the critical support at $0.85, and now the price is keen to move back up towards the resistance at $1. It is unlikely for the cryptocurrency to break above it, but at least market participants might soon see a rally towards it.

ADAUSDT_2022-02-22_17-10-55
Chart by Trading View

Technical Indicators

Trading Volume: The volume is picking up after this most recent drop, and buyers seem to have returned to ADA.

RSI: The daily RSI nearly reached oversold conditions today before the price turned around. The RSI is now quickly moving higher.

MACD: The daily MACD remains bearish, but if the bullish momentum intensifies, it could lead to a positive crossover on the moving averages. That would turn the current price action around.

ADAUSDT_2022-02-22_17-10-31
Chart by Trading View

bias

The current bias is neutral. The indicators suggest some bullishness, but it is a bit early to rely on it.

Short-Term Prediction for ADA Price

It is very important to see ADA finding support as that confirms the price is unlikely to fall much lower at this time. On the contrary, a relief rally can take ADA back to the key resistance at $1.

SPECIAL OFFER (Sponsored)

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.



Source link

Leave a Comment