ADA price floats above the psychological mark of $0.50 with a morning star. But will the uptrend sustain despite low volume support?

Key technical points:
<ul>
 	<li style="font-weight: 400">The ADA prices display six consecutive red candles on the weekly time frame chart</li>
 	<li style="font-weight: 400">The K and D lines represent a bullish crossover.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Cardano is $2.49 Billion, indicating a 24% fall. </li>
</ul>
<h2>Past Performance of ADA</h2>
The April 11th fallout from the $1 support indicated the failed attempt of ADA buyers to reclaim this psychological level. The renewed selling pressure dumped altcoin 22% lower to March's bottom support of the $0.75 mark. However, responding to widespread bearish sentiment in the crypto market, the sellers continued to pressure the coin and breached the $0.75 mark.

<img src="https://s3.tradingview.com/snapshots/w/wmzHtLpE.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/wmzHtLpE/">Tradingview</a>
<h2>ADA Technical Analysis </h2>
A bearish breakdown from $0.75 support accelerated the ongoing sell-off and dumped the ADA price 42.5% down to the $0.4 mark. Furthermore, the buyers attempt to bounce back from this new lower low, but a low volume bullish reversal suggests the price may soon follow the prevailing downtrend.

The crucial daily EMAs maintain a bearish trend in a descending trendline, with the 50-day EMA providing dynamic resistance. 

The RSI slope spikes above the oversold zone and cracks above the 14-day average but remains under a lower low formation. To break the downtrend, the RSI values must surpass the halfway line, which will ignite a new bullish trend.

The Stochastic RSI displays a bullish crossover when the K line crosses over the D line within the oversold zone and teasing the start of a new bull market.

Therefore, the momentum indicators show a bullish transition and suggest a trend reversal.

In short, the ADA technical analysis forecasts a relief rally to the $0.75 mark.
<h2>Upcoming Trend</h2>
If the ADA buyers continue to surge higher, the altcoin will hit the aligned resistance of $0.75 and 20-day EMA. However, the coin price has a high possibility of reverting from this resistance and rechallenged the bottom support of $0.4.

Conversely, the ADA price would breach the overhead resistance to kickstart a new recovery rally in a solid bullish case scenario.

Support Levels: $0.4 and $0.26

Resistance Levels: $0.75 and $1

ADA Technical Analysis: Relief Rally Consoles Cardano Investors

ADA price floats above the psychological mark of $0.50 with a morning star. But will the uptrend sustain despite low volume support?

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: Relief Rally Consoles Cardano Investors

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