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Cardano Price Analysis: Dead Cat Bounce or Recovery for ADA Following 9% Daily Surge?

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Despite massive selling pressure over the past few days, ADA has managed to hold its own at the $0.45 support level. But is the current upward momentum a dead cat bounce or the start of a recovery?

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Key support levels: $0.45, $0.38.

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Key resistance levels: $0.45, $0.55.

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After a significant crash, the market is taking a breath and ADA seems to have found some good support at $0.45. If this key level can hold further selling pressure, then the cryptocurrency could reverse this trend and test key resistance at $0.55.

Chart from TradingView

Technical indicators

Trading volume: Volatility exploded last week, which put a huge pressure on the levels shown on the chart. Volume increased yesterday, but ADA managed to hold on to key support. This is reassuring.

Relative strength index: The daily RSI managed to make a higher low during this latest crash. If the price stays above the key support, the bulls may try to regain control.

MACD: Unfortunately, the daily MACD turned bearish yesterday, but this is not a major issue as long as the ADA maintains its support at $0.45.

ADAUSDT_2022-06-14_13-20-36
Chart from TradingView

Bias

The propensity for ADA is neutral, but given the overall market condition, it tends to be bearish.

Short term ADA price prediction

ADA is at a critical support level that has been successfully defended three times to date. This is an impressive achievement in a market that has completely collapsed over the past few days, hitting lower lows.

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Disclaimer: The information found on Cryptooshalais the property of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.




Credit : cryptopotato.com

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