The ADA price plans to retest the March bottom support of $0.77. Will history repeat itself with a bullish reversal?

Key technical points:
<ul>
 	<li style="font-weight: 400">The daily-RSI slope approaches the oversold region</li>
 	<li style="font-weight: 400">moreover, the 20-day EMA offers constant resistance to ADA price</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Cardano is $866.2 Million, marking a 23.6% loss. </li>
</ul>
<h2>Past Performance of ADA</h2>
At the end of March, the ADA chart showed multiple higher rejection candles at $1.22 resistance, indicating the sellers are aggressively defending this level. Amid the recent sell-off in the market, the coin price turned down from this level and sank below the $1 psychological support. Anyhow, the altcoin current traders are 0.83 mark with a 32% loss from the overhead resistance($1.22)

<img class="alignnone" src="https://s3.tradingview.com/snapshots/n/NGnikfaj.png" alt="ADA/USDT Chart" width="1941" height="1105" />Source-<a href="https://www.tradingview.com/x/NGnikfaj/">Tradingview</a>
<h2>ADA Technical Analysis </h2>
The sustained selling has breached the 20, 50, and 100 EMAs support as it gradually nearing the March bottom support of $0.77. however. previously this support level has triggered a 58% recovery rally, making it a strong accumulation zone for buyers.

In a bearish sequence, the declining crucial EMAs(20, 50, 100, and 200) reflect a solid bear trend. Moreover, the 20-day EMA gives dynamic resistance to the ADA price.

MACD Indicator: The fast and slow lines gradually lowering beneath the neutral line suggest aggressive selling from the traders. However, the faded red bar on the histogram chart predicts a slight weakness,

RSI Indicator:  The RS(35) slope drops deeper into the bearish territory, indicating strong bearish momentum. However, the indicator value may soon reach the oversold region, bolstering the reversal theory.

In a nutshell, the ADA technical analysis forecasts a possible reversal opportunity as price approaches an active accumulation zone.
<h2>Upcoming Trend </h2>
If the ADA price rebounds from the $0.77 support, the buyers will drive the altcoin back to the $1 physiological level. However, a bullish breakout from $1.2 resistance is needed to initiate a genuine recovery rally.

Alternatively, a fallout from $0.77 support would signal downtrend resumption and pull the price into the lower regions.

Resistance Levels: $1 and $1.2

Support Levels: $0.77 and $0.7

ADA Technical Analysis: ADA Price Nearing March Low; Buy Again?

The Cardano(ADA) price plans to retest the March bottom support of $0.77. Will history repeat itself with a bullish reversal?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

ADA Technical Analysis: ADA Price Nearing March Low; Buy Again?

Top Picks