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

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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