ADA Price Analysis – April 26
Cardano gains 7.9% as the market opens today. Currently, ADA/USD hits the new monthly high to trade at $0.46.
Resistance levels: $0.052, $0.054, $0.056
Support levels: $0.037, $0.035, $0.033
ADA/USD is crossing above the ascending channel, reaching $0.046 and approaching major resistance at $0.047. The current price trend also suggests a growth momentum in the coming days. The price has reached $0.0467 after a week now. Previously, ADA had been trading for a long time at a price of $0.031 to $0.037. The coin is currently moving above the 9-day and 21-day moving averages.
Moreover, if the coin continues to experience an increasing trading volume coupled with a bullish regroup, ADA/USD pair will continue 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 $0.052, $0.054, and $0.056.
In the opposite direction, ADA/USD may roll back to $0.037, $0.035, and $0.033 support levels if the bears step back into the market. The stochastic RSI is at the overbought which may likely give bearish signals in the nearest term.
Against BTC, the market is seen to be moving above the 9-day and 21-day moving average and within the ascending wedge channel where the price has already broken out of the channel. After touching the 606 SAT, the coin is seen dropping to 593 SAT where it is trading currently. Any bullish movement may likely touch the nearest resistance level at 650 SAT and above.
Meanwhile, if ADA price crosses down the red-line of the 9-day moving average, the coin is expected to reach the support at 520 SAT and 500 SAT price levels. The technical indicator stochastic RSI confirms that the market is following the bullish movement as the signal lines are extremely within the overbought zone.
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