Cardano price started a downside correction below the $1.050 zone. ADA is consolidating and facing hurdles near the $1.020 and $1.040 levels.
ADA price started a downward move below the $1.020 support zone.
The price is trading below $1.00 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start another increase if it clears the $1.020 resistance zone.
After struggling to clear the $1.120 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum. ADA declined below the $1.10 and $1.050 support levels.
The pair even declined below $1.00. A low was formed at $0.9151 and the price is now consolidating losses. There was a minor increase above the $0.940 resistance level. It cleared the 23.6% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low.
Cardano price is now trading below $1.00 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.00 zone. The first resistance is near $1.020.
There is also a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low.
The next key resistance might be $1.050. If there is a close above the $1.050 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.0650 region. Any more gains might call for a move toward $1.10 in the near term.
If Cardano’s price fails to climb above the $1.020 resistance level, it could start another decline. Immediate support on the downside is near the $0.9450 level.
The next major support is near the $0.920 level. A downside break below the $0.920 level could open the doors for a test of $0.90. The next major support is near the $0.8650 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.9450 and $0.9200.
Major Resistance Levels – $1.020 and $1.050.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
