Contradictory signals on different timeframes make it difficult to predict the Cardano (ADA) rate for this April. Perhaps the price has reached a local peak
The results of the technical analysis of the daily timeframe show that the rate of the Cardano project coin (ADA) has been growing since the beginning of the year and reached a maximum of $0.421 on February 16.
At first, it might have seemed that the price had broken through the key long-term $0.410 level, which has alternated between support and resistance since May 2022..
However, the bullish breakout was not developed, and the price only temporarily rejected above this level, and then rolled back.
However, the ADA is now attempting another bullish breakout.. These efforts are supported by the RSI index, which has broken through the bearish divergence trend line (green line) and is now above the 50 mark.
In case of a successful breakout, ADA could reach the next resistance at $0.560 (average price). If there is a rebound again, the market may sink to $0.325.
The shorter 6-hour chart suggests that ADA has been rising inside an ascending parallel channel since March 10.
Such channels are usually associated with corrective structures, and rather high price volatility suggests that we are dealing with a bearish structure.
Meanwhile, wave analysis may indicate that during the last month the token has been in wave B of the ABC correction structure (black).
In this case, after the rise, wave C will mark a bearish breakout and push the price of ADA back to $0.280.
However, the bullish pattern on the daily time frame contradicts this bearish wave analysis..
If the token makes a bullish break out of the channel (and breaks the $0.410 resistance as well), this will negate the bearish scenario and could trigger a rise towards the $0.560 resistance level.
The fate of the further direction of the trend may be decided in the next 24 hours.
Thus, the forecast for the ADA exchange rate for April is mixed. The further vector of the coin’s movement may depend on the direction in which the market exits the ascending parallel channel.
A break to the south could trigger a fall towards $0.277, and a bullish break could take the price to $0.560.
Read also on-chain analysis: Cardano whales are back in the game: what to expect from the ADA price