This is the Level ADA Needs to Break to Soar Higher (Cardano Price Analysis)


Cardano had an excellent week after a significant rally. However, the momentum appears to be stalling now.

Key Support levels: $0.38, $0.33

Key Resistance levels: $0.42, $0.50

As soon as ADA moved above $0.40, the bulls were unable to take the price much higher as they were stopped by the key resistance at $0.42. The support is at $0.38, and buyers managed to use this level as a pivot for their most recent rally. Should they fail to break the resistance, then ADA could fall back to the key support.

ADAUSDT_2022-10-31_16-35-59
Chart by TradingView

Technical Indicators

Trading Volume: The volume has been declining ever since ADA broke above $0.40. This is not encouraging for bulls.

RSI: The daily RSI remains above 50 points but is struggling to move higher.

MACD: The daily MACD is bullish. However, the histogram has made a lower high which could signal a possible reversal in the current trend if this continues.

ADAUSDT_2022-10-31_16-36-21
Chart by TradingView

bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

ADA appears to be found at a crossroads, with the price stuck between $0.38 and $0.42. A clean break from this range is necessary to allow the price to attract new volume and expand further. The weekly timeframe remains bullish. Hence, ADA has a better chance of moving above the key resistance and towards half a dollar in the future.

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Cryptocurrency charts by TradingView.



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