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? Key technical points: The ADA prices display six consecutive red candles on the weekly time frame chart The K and D lines represent a bullish crossover. The 24-hour trading volume of Cardano is $2.49 Billion, indicating a 24% fall. Past Performance of ADA 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. Source-Tradingview ADA Technical Analysis 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. Th...