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ADA Recovers 5% on Vasil Hard Fork Day, Is $0.5 Next? (Cardano Price Analysis)

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ADA managed to stop the downtrend, and the bulls pushed the price higher on the day that the protocol will see its Vasil upgrade go live. Key Support levels: $0.43, $0.38    Key Resistance levels: $0.50, $0.56  Buyers came in strong today and managed to turn the price action around above the key support at […]

ADA managed to stop the downtrend, and the bulls pushed the price higher on the day that the protocol will see its Vasil upgrade go live.

Key Support levels: $0.43, $0.38   

Key Resistance levels: $0.50, $0.56 

Buyers came in strong today and managed to turn the price action around above the key support at $0.43. If this bullish momentum continues, then ADA could increase towards $0.5, which is the current resistance. This would also be a sign that the downtrend is reversing.

ADAUSDT_2022-09-22_14-36-54
Chart by TradingView

Technical Indicators

Trading Volume: Volume picked up yesterday and closed in red, but today, this was quickly reversed, and buyers have the upper hand.

RSI: The daily RSI is approaching 50 points. If buyers manage to push it above, then the momentum may reverse in their favor.

MACD: The daily MACD remains bearish, but the histogram is making higher lows which is an early sign of a possible reversal in the downtrend.

ADAUSDT_2022-09-22_14-37-13
Chart by TradingView

Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

At this time, ADA has managed to put a stop to the downtrend, and buyers appear eager. This is a good sign, but bulls have to sustain the pressure if they are to be successful in breaking the $0.50 key resistance.

The post ADA Recovers 5% on Vasil Hard Fork Day, Is $0.5 Next? (Cardano Price Analysis) appeared first on CryptoPotato.





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