Cardano rises by 4 %in one day, but is the worst over? (Ada price analysis)

Cardano rises by 4 %in one day, but is the worst over? (Ada price analysis)

After a deeper deep in December, Cardano surprised the market in the new year with a green opening.

Important support levels: $ 0.24, $ 0.20

Important resistance level: $ 0.30, $ 0.34

Optimism builds up because Cardano seems to have found good support at $ 0.24. Ada has been in green since the beginning of 2023 and does not seem to look back. If this dynamic continues, this cryptocurrency could even target $ 0.30, which is the next important resistance.

Diagram of Tradingview

trading volume: The volume is rather flat, but Ada still closed in the green in the last three days. Buyers can return.

rsi : The Tages-RSI made a bullish divergence when the course fell to a low in the year in December 2022. This is promising, especially in view of the current price movement.

macd : The day macd marked an interest bullish cross on New Year's Eve. Maybe this was the signal that the buyer waited.

Diagram of Tradingview

bias

The tendency for Ada tends upwards, but a clear breakthrough of the key resistance at $ 0.30 is required to confirm this.

Short-term forecast for the ADA Prize

With a good start to 2023, Ada could try a relaxation. The indicators seem to support such a reversal of the price movement, but market participants have to be careful if this is only a bull trap. It is important to keep an eye on the resistance of $ 0.30, as it will be crucial for where Cardano is going.

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