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.
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.
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.
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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