<em><strong>ADA prices showcase a bullish reversal attempt at $0.45 but struggle to sustain above $0.50, projecting a potential drop to $0.40.</strong></em>
<h3><strong>Key technical points:</strong></h3>
<ul>
 	<li>The market price has increased 3.30% over the past 24 hours.</li>
 	<li>The price action shows a higher price rejection in the reversal candle.</li>
 	<li>The 24-hour trading volume of Cardano is $2.27 Billion, indicating a drop of 6.67%.</li>
</ul>
<h2>Past Performance of ADA</h2>
<a href="https://www.cryptoknowmics.com/news/ada-technical-analysis-rounding-reversal-rally-ready-to-reach-0-75/">ADA</a> prices failed to surpass the $0.65 resistance resulting in a double top pattern breakout that resulted in a 30% price drop. The reversal comes with the rejection at the 50-day EMA (red), kickstarting the price fall to the $0.45 mark. Buyers attempt to overtake the trend control at $0.45 despite the psychological barrier fallout at $0.50.

<img src="https://s3.tradingview.com/snapshots/n/niI5pSCA.png" alt="TradingView Chart" />

<strong>Source-</strong> <a href="https://www.tradingview.com/x/niI5pSCA/" target="_blank" rel="noopener">Tradingview</a>
<h2>ADA Technical Analysis</h2>
The formation of the bullish engulfing candle at the high demand zone of $0.45, increases the reversal possibility. However, the traders should wait for closing above the psychological mark of $0.50 for better confirmation. Concerning a triple retest to the $0.45 horizontal support level, the daily-RSI slope showed a higher low formation indicating growth in underlying bullishness. This positive divergence from the indicator bolsters the reversal theory.

However, the MACD indicator offers a bearish crossover among the fast and slow lines, suggesting a continuation of the prevailing trendline. However, a significant spread among these slopes is needed for better confirmation. The 20-50-and-100-day has provided dynamic resistance to the ADA price since the current down initiated in November. Thus, the indicator shows rising bullish momentum as the coin price retest the $0.45 support. However, the opposing RSI and MACD signal suggests traders to wait for a price action confirmation. In short, the ADA technical analysis predicts a reversal possibility from the $0.45 support.
<h2>Upcoming Trend</h2>
Suppose the buying pressure helps the engulfing candle close above $0.50; ADA buyers can expect the reversal rally to reach the $0.65 mark.

<strong>Resistance Levels:</strong> $0.50 and $0.65

<strong>Support Levels:</strong> $0.45 and $0.40

ADA Technical Analysis: Bullish Reversal Launch At $0.45 Struggles 

ADA technical analysis showcases a bullish reversal attempt at $0.45 but struggle to sustain above $0.50, projecting a potential drop to $0.40.

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: Bullish Reversal Launch At $0.45 Struggles

Top Picks