Cardano (ADA) recently turned its initial $0.16 resistance level into a support area on the 4-hour chart, trading at $0.1651 at press time. Although the exchange’s structure is showing a bullish trend, one analyst says that the Relative Strength Index (RSI) remains low, which could lead the currency to retest its resistance ($0.16).
Cardano (ADA) approximate price prediction
According to Nick Valdez, a short-term rise in the ADA could disrupt the road as the RSI drops to the mid-40s. In general, this indicates a decrease in the purchasing pressure necessary to drive the price level. It may also indicate a search for a potential investment or a market that needs to be consolidated along with a price above the support level.
For this reason, Valdez says that the ADA can be shaken down a little to test the strength of its descending method and shake the weak hands. If buyers take action to protect this low support, the analyst expects a drop in prices that will confirm the support level as a new base.
Further, if the defensive resistance holds, it could pave the way to the $0.20 high zone that was established earlier this month.
Source: X
Recent events
On July 15, ADA Whale Holdings pulse for many years, or about 67% of the total number of cycles. Although this supports the technical aspects, the coin still shows very high price signals and a price drop between $0.14 and $0.20 in the last month.
Source: CoinMarketCap price
In addition, the Volvo Group has joined the Cardano Foundation in discussing blockchain applications for its asset management.
Worth checking out
At this point, traders should always monitor the 4-hour closing candle in relation to the movement. They should also monitor the associated RSI line, which can indicate the number of buyers, rising demand, and potential upside.
In addition, the November launch of the Leios upgrade could improve performance, which could drive demand and adoption of the ADA. The market is also awaiting the approval of the Cardano ETF by the end of the year.
Was this post helpful?
Story Ends Here
Trust CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our team of expert researchers and journalists, following strict Editorial guidelines based on EEAT (Effectiveness, Expertise, Validity, Trustworthiness). Each article is checked against a reputable site to ensure accuracy, transparency, and credibility. Our review policy ensures an unbiased review when we develop exchanges, platforms, or tools. We strive to provide timely updates on everything crypto & blockchain, from startups to industry executives.
Investment Disclaimer:
All opinions and information shared represent the author’s opinion on market conditions. Please do your own research before making any financial decisions. Neither the author nor the publisher is responsible for your financial decisions.
Offers and Promotions:
Sponsored content and affiliate links can be viewed on our website. Advertisements are clearly identifiable, and our content is not independent of our advertisers.
Read the Next Article
