After taking support from $1 on June 22, 2021, ADA tried a good upside rally to fall prey to the previous support level turned resistance. Barring negative sentiment, Cardano has tried to stay strong even in a negatively trending market. For ADA to start trending in the positive direction, it has to cross the resistance level at $1.50. Currently, ADA is close to the 200 EMA, which is its long-time support level. Buying at such a level will be a good entry position.
The headwinds of the broader crypto market have not left ADA alone; despite a promising potential and trading above important moving averages, the decreasing exchange transactions and the native trend are a little worrying. ADA should take support from 200 EMA levels. Failure to take support can push it a little down, but even so, the ADA coin has the potential to bounce back. It’s a good level for long-term investment in Cardano.
Although MACD shows a buildup of negative swing, the smaller cross-over indicates a slowly growing negativity that should subside gradually. The rising EMA line is a good sign for further price action on this crypto asset. The creation of indecisive candles on daily charts is indicating hesitance to go down.
