ADA/USD price is CMP near the minor supply zone, after a sharp positive rally from the lower levels. Cardano price was trading under the definite bearish trend after reaching its all-time high of $3.10. Meanwhile, the bulls are trying to take charge as the coin recently tested the lows of around $1.00. Volume over the monthly chart is average and needs to grow rapidly of a strong bounce-back till $2.00.
The Bulls are facing a minor hurdle of the 100 and 200-day moving average line while getting stable above the SMA of the 20 and 50-day line. Supporting volume action will push more buyers once the crypto bulls manage to sustain above the 100 and 200-day line. Support for the upcoming correction is placed at $1.24 and $1.05, while resistance is at $1.64 and $1.78.
ADA/USD price at the weekly chart is riding the solid bullish move, as the coin witnesses a strong buying interest from lower levels. After a strong surge from lower levels, the technical parameters are trading under the overbought zone. The bulls must keep slight caution for fresh longs in the current scenario. ADA/USD price is trading at $1.54 with an intraday gain of +2.37%, and volume to market cap ratio is at 0.1013
Relative Strength Index (CAUTION)– ADA/USD price RSI is trading under the overbought zone, with a solid up move from a lower zone. The coin is currently trading under the bullish chart setup and CMP near the upper zone of the pattern and RSI at 66.
Moving Average Convergence Divergence (CAUTION): The daily chart indicates a bearish trend at the 4-hour time frame. The buyer’s signal line (green) is heading towards the seller’s line (red) for negative crossover.
Support levels: $1.24 and $1.05
Resistance levels: $1.64 and $1.78.
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