ADA Recovers 5% on Vasil Hard Fork Day, Is $0.5 Next? (Cardano Price Analysis)

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ADA man­aged to stop the down­trend, and the bulls pushed the price high­er on the day that the pro­to­col will see its Vasil upgrade go live.

Key Sup­port lev­els: $0.43, $0.38   

Key Resis­tance lev­els: $0.50, $0.56 

Buy­ers came in strong today and man­aged to turn the price action around above the key sup­port at $0.43. If this bull­ish momen­tum con­tin­ues, then ADA could increase towards $0.5, which is the cur­rent resis­tance. This would also be a sign that the down­trend is reversing.

ADAUSDT_2022-09-22_14-36-54
Chart by TradingView

Technical Indicators

Trad­ing Vol­ume: Vol­ume picked up yes­ter­day and closed in red, but today, this was quick­ly reversed, and buy­ers have the upper hand.

RSI: The dai­ly RSI is approach­ing 50 points. If buy­ers man­age to push it above, then the momen­tum may reverse in their favor.

MACD: The dai­ly MACD remains bear­ish, but the his­togram is mak­ing high­er lows which is an ear­ly sign of a pos­si­ble rever­sal in the downtrend.

ADAUSDT_2022-09-22_14-37-13
Chart by TradingView

Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

At this time, ADA has man­aged to put a stop to the down­trend, and buy­ers appear eager. This is a good sign, but bulls have to sus­tain the pres­sure if they are to be suc­cess­ful in break­ing the $0.50 key resistance.

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

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