Cardano (ADA) has gained more than 15%, in line with the general crypto market rebound. The ADA price tested lows of $0.44 on May 27 before it rebounded. At the time of publication, ADA was changing hands at $0.559 after setting intraday highs of $0.566, while setting up to mark the third consecutive day of positive price action. The recent price rise represents a more than 37% increase from its lowest price this month of around $0.39. The Cardano network has now seen the minting of over five million NFTs. According to the pool.pm data, the number of native assets issued on the Cardano blockchain is presently 5,022,123, with 54,862 distinct minting policies. The number of NFT projects has also risen to 5,727.
Key Levels
Resistance Levels: $0.830, $0.746, $0.613
Support Levels: $0.500, $0.455, $0.384
ADA/USD Daily ChartADA’s gains on Monday were fuelled by strong technicals and a tested support level from the low of $0.445, keeping hopes alive for a breakthrough in the $0.613 next region of contention. The ADA/USD is seeking sanctuary above the $0.50 key level near convergence zones after surpassing the challenging $0.384 lower boundary range of May 2022.
The RSI is near its midline at 50, although it is now safely above very low values. It reduces selling pressure, and bears should not rule out a continuation of the rebound, as the indicator appears to have found a bottom just above its 30 oversold levels, with prices stabilizing near $0.55. However, there are several obstacles on the upside, including $0.613, that might limit gains.
Cardano has rebounded higher after a recent sharp price dip below the 4-hour moving average (MA 50) towards the $0.455 support level. If bulls can lift the price above $0.600, a further climb towards the $0.613 horizontal barrier and 200 MA is possible. If the price does not stay over $0.613, it could fall to the $0.50 MA 50 zone.
If the pair continues to fall, the $0.455 level could provide some support before the $0.384 May lows. Another region to watch is the $0.50 mark, which is just below the current price of $0.55. When trading below $0.50, the ADA/USD pair is solely negative; substantial resistance levels can be seen around $0.746 and $0.830.
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