ADA prices showcase a bullish reversal attempt at $0.45 but struggle to sustain above $0.50, projecting a potential drop to $0.40. Key technical points: The market price has increased 3.30% over the past 24 hours. The price action shows a higher price rejection in the reversal candle. The 24-hour trading volume of Cardano is $2.27 Billion, indicating a drop of 6.67%. Past Performance of ADA ADA 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. Source- Tradingview ADA Technical Analysis 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...
