Why is the Cardano (ADA) Price Up Today?
Let’s have a look at a few reasons for which the Cardano price is up today.
Cardano managed to find support at 31 cents after a brutal crash.
Key Support levels: $0.31
Key Resistance levels: $0.37
1. Bounce in Progress After Crash
On Monday, ADA briefly visited 27 cents before buyers returned to lift the price above the support at 31 cents. Since then, buyers managed to keep a grip on the price and stop sellers from returning. If this relief rally continues, the current resistance is at 37 cents.
2. Buy Volume Returns
Buyers managed to regain control of the price since Monday and keep it from making new lows. However, the current buy volume is low and shows weakness. A break of the key resistance is needed to restore confidence.
3. Daily RSI Reversed Course
After briefly visiting the oversold area at under 30 points, the daily RSI quickly reversed course. This recent low could highlight that ADA’s price may have bottomed during the ongoing correction.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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