ADA price continues to trade sideways as its recent rally takes a breather near the $1.246 mark. ADA could enter a short consolidation phase before retesting its breakout levels, a sign that the current price action could be a buying opportunity. At the time of publication, ADA traded at $1.170, up 2.51% on the day. According to the announcement on Twitter, Charles Hoskinson, Snoop Dogg, and others will join Clay Nation on April 5 to bring in collectible items, unreleased music, pitches, and other items available only on the podcast. Charles Hoskinson will be meeting Snoop Dogg to talk about the Cardano Ecosystem at Cardano360 on April 5th. A well-known supporter of the Bored Ape Yacht Club (BAYC), Snoop even launched themed music NFT recently.
Key Levels
Resistance Levels: $1.500, $1.350, $1.180
Support Levels: $1.000, $0.921, $0.830
ADA/USD Daily ChartAfter its bounce from the $1.105 low, ADA/USD is now trading at $1.172 (intraday high). While the price remains inside the range between the moving average (MA 50 and MA 200), the medium-term support is $1.00 and the nearest key resistance is $1.350. Both the daily MA 50 and the MA 200 constitute a barrier for the crypto-pair.
Over the last few weeks, the price had a tough time regaining upside traction, falling to a low at $0.074 and increasing its consolidation around $0.830. The recent upside configuration holding within the daily MAs’ supports the rallying scenario from a technical standpoint. Buyers and sellers may be able to execute a reversal movement higher or lower by $1.150 if the relative strength index (RSI) continues flat near the overbought zone.
ADA/USD 4-Hour ChartOn the 4-hour chart, the ADA/USD is still trading at the upside channel, with the price stubbornly consolidating around $1.170. More evidence of a breakdown below this level is needed to support a correction beneath the MA 50 at $1.165. On the plus side, the possibility of the bullish pennant pattern could signal further gains. The fact that Cardano (ADA) has been consolidating at the recent highs could indicate that bulls have opted to take a break before continuing.
The relative strength index (RSI) is hovering around the 50 neutral points, indicating the possibility of consolidation. Only a strong 4-hour closing over the $1.180 level will allow the ADA price to rise towards March 2022 highs of $1.246 and ultimately $1.250 levels. ADA/USD, on the whole, maintains a neutral to a bullish stance.
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