Key Highlights:

Cardano (ADA) broke through its resistance of $0.3600 today and rose to as high as $0.3800
The coin was  trending downward as it was unable to maintain a bullish momentum
A weak bull signal is sent by the MACD lines
A new support level is held at $0.3330

New Support Level For ADA/USD

Although Cardano broke through and rose above $0.3600 earlier in the day, it is now trading at around $0.3385 as of 7PM EST. Therefore, its previously established support at $0.3400 failed to hold, and a new support is now set at $0.3330. However, it wouldn’t be surprising if ADA price temporarily shoots back up to around $0.3400.

Source: Tradingview

The MACD is showing a slight bullish signal around the support level, as both lines are poised for a crossover moving above the zero line. This could be needed for ADA to move out of the bearish zone and regain its bullish momentum. The RSI indicator shows that the coin is not in overbought territory.

Looking at the Technical Indicators:

MACD — weak bullish signal being sent as the MACD and signal lines cross over above the zero line
RSI — the RSI indicator confirms weak bullish signal
New Support Level — $0.3330
New Resistance Level — $0.3450

Featured Image: haber7.com

If You Liked This Article Click To Share

In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.