Why is the price of Cardano (ADA) going up today?

Cardano managed to find support at 31 cents after a brutal crash.

Key support levels: $0.31

Key resistance levels: $0.37

1. Rebounding in progress after the accident

On Monday, ADA briefly visited 27 cents before buyers pushed the price back above support at 31 cents. Since then, buyers have managed to keep a grip on the price and prevent sellers from returning. If this relief rally continues, the current resistance is 37 cents.

Chart by TradingView 2. Buy volume returns

Buyers managed to regain control of the price since Monday and prevent it from making new lows. However, the current buying volume is low and shows weakness. A break of key resistance is needed to regain confidence.

TradingView Chart 3. Daily RSI Reverse Course

After briefly visiting the oversold area below 30 points, the daily RSI quickly reversed course. This recent low could highlight that ADA price may have bottomed out during the ongoing correction.

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