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Cardano Price Analysis – ADA/USD Holds Support at $0.3330

Cardano Price Anaylsis

Key Highlights:

  • Cardano (ADA) broke through its resistance of $0.3600 today and rose to as high as $0.3800
  • The coin was  trending downward as it was unable to maintain a bullish momentum
  • A weak bull signal is sent by the MACD lines
  • A new support level is held at $0.3330

New Support Level For ADA/USD

Although Cardano broke through and rose above $0.3600 earlier in the day, it is now trading at around $0.3385 as of 7PM EST. Therefore, its previously established support at $0.3400 failed to hold, and a new support is now set at $0.3330. However, it wouldn’t be surprising if ADA price temporarily shoots back up to around $0.3400.

Cardano Price Analysis

Source: Tradingview

The MACD is showing a slight bullish signal around the support level, as both lines are poised for a crossover moving above the zero line. This could be needed for ADA to move out of the bearish zone and regain its bullish momentum. The RSI indicator shows that the coin is not in overbought territory.

Looking at the Technical Indicators:

  • MACD — weak bullish signal being sent as the MACD and signal lines cross over above the zero line
  • RSI — the RSI indicator confirms weak bullish signal
  • New Support Level — $0.3330
  • New Resistance Level — $0.3450

Featured Image: haber7.com

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