ADA Price Analysis – April 5
Cardano may lack short-term and medium-term support, and if the price dips even further, the coin is likely to face moderate volatility and lose long-term.
Resistance levels: $0.040, $0.042, $0.044
Support levels: $0.025, $0.023, $0.021
Cardano (ADA) has been exhibiting a range-bound trade from $0.028 to $0.032. However, with the lack of intraday momentum, there has been a dip in the trading volume and market cap of ADA. It has been just 6 days back when the coin has been following the upward trend marking a high at $0.034. Presently, it is seen correcting downwards and lacks steady momentum.
Moreover, if the coin can experience an increasing volume coupled with a bullish regroup, ADA/USD may start to correct gain significantly on the upside. Otherwise, the bear pressure may likely become severe with more losses. However, the next level of resistance lies at $0.040, $0.042 and $0.044. In the opposite direction, ADA price may roll back to $0.025, $0.023 and $0.021 support levels if the bears step back into the market.
The RSI (14) moves below 48-level which may likely give bearish signals in the nearest term.
Against Bitcoin, the market is seen to be moving around the moving averages of 9-day and 21-day within the channel where the price is expected to break above the upper boundary of the channel. Meanwhile, should the price cross above the trend line, the market may begin an upward movement that could touch the nearest resistance level of 520 SAT and above.
In other words, if the price begins to decline and crosses below the moving averages of 9 and 21-day, the bear could signal a downward movement for the market and the price may reach the target support level of 420 SAT and below. The bears may continue with the downward trend as the RSI (14) signal line moves below 45-level.
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