Is a Relief Rally Next for ADA? Three Key Things to Watch (Cardano Price Analysis)

CryptoPotato

2023-09-06 10:51:33

With support found, ADA is giving some signs of hope a reversal is possible.

Key Support levels: $0.25

Key Resistance levels: $0.28

1. Price Holds Above Key Support

Cardano managed to consolidate above the support at $0.25 for almost a month. If buyers continue to show interest at this level, then the price could attempt to escape and challenge the resistance at $0.28.

Chart by TradingView.## 2. Is a Relief Rally Possible?

The price action indicates a decisive move is likely approaching. If bulls manage to hold ADA above the key support, then a rally would become likely. This scenario depends largely on the overall market and is contingent on BTC holding above its support at $25k.

Chart by TradingView.## 3. Bullish Daily MACD

Surprisingly, the daily MACD for Cardano turned bullish in late August and has managed to defend this trend since. This is another reason why buyers appear to have control of the price at this time.

Chart by TradingView.## Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

While it is too early to say where ADA will go next, as long the price holds above 25 cents, this cryptocurrency has a good chance at a relief rally.

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