Cardano Price Analysis: ADA Finds Support At Critical Level, Is $1 Retest Incoming?

Last Thursday, ADA plunged below key support; however, the Cardano native token was able to recover quickly. Since then, ADA saw a decent rebound with a long wick below the key support.

Key Support levels: $0.85

Key Resistance levels: $1, $1.1

In our most recent analysis, ADA wicked below the critical support at $0.85, but it managed to reclaim it and confirm this level as support since then. This is a textbook bullish price action, but the main question is if ADA can sustain above the critical support level.

Chart by TradingView

Technical Indicators

Trading Volume: Strong volume following this most recent recovery. The big question now is if ADA can sustain it and push the price towards the next key resistance amid $1.

RSI: The daily RSI is moving higher and closing on 40 points, making a higher low. Unless we see a bearish reversal soon, this might be a sign of optimism.

MACD: The daily MACD remains bearish, but the histogram makes higher lows. Momentum may soon shift in bulls’ favor after a prolonged correction that pushed ADA under $1.

Chart by TradingView


The current bias is neutral. ADA has to break above $1 to turn bullish and maintain the key support at $0.85 on the other hand.

Short-Term Prediction for ADA Price

If it holds above the key support, the most likely scenario for ADA is to test the resistance at $1. That will be decisive for where ADA’s price is headed next. At the time of this post, the support at $0.85 was well defended by buyers.

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }