ADA Bulls Regaining Momentum, Can They Close Above $0.42? (Cardano Price Analysis)

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Cardano continues its uptrend, even if timid and with low volatility.

Key Support levels: $0.38

Key Resistance levels: $0.42

Buyers are quite happy to see ADA has managed to reach 40 cents. However, the current momentum lacks conviction. The key resistance is not far away – at 42 cents, and the price does not have much space left before sellers could return. The key support is at 38 cents.

Chart by TradingView

Trading Volume: The good buy volume in the past three days has allowed ADA to move higher and reach 40 cents.

RSI: The daily RSI is at 62 points and remains bullish with higher highs.

MACD: The daily MACD is bullish, but the histogram clearly shows a bearish divergence. This is a warning sign that the bullish momentum is fading.

ADAUSDT_2023-04-13_14-16-59
Chart by TradingView

Bias

The bias for ADA is bullish.

Short-Term Prediction for ADA Price

The expectation is for ADA to test the key resistance at 42 cents. If buyers fail to gather more strength on the way there, then a rejection appears likely. This could take this cryptocurrency into a pullback, similar to February when the price was rejected by the same level.

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Cryptocurrency charts by TradingView.

Credit: Source link

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