Cardano (ADA) Battles Resistance: A Fresh Surge In Sight?
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Cardano price started a downside correction from the $1.325 zone. ADA is consolidating and facing hurdles near the $1.20 and $1.240 levels.
ADA price started a pullback after it failed to stay above $1.30.
The price is trading below $1.20 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $1.20 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start another increase if it clears the $1.240 resistance zone.
Cardano Price Eyes Fresh Increase
After struggling above $1.30, Cardano started a downside correction. ADA unperformed Bitcoin and Ethereum with a drop below the $1.20 level. The price even spiked below $1.150 before the bulls appeared.
A low was formed at $1.1173 before the price started a fresh increase. There was a move above the $1.140 and $1.1550 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $1.326 swing high to the $1.117 low.
However, the bears are now active near the $1.25 zone. They protected the 61.8% Fib retracement level of the downward move from the $1.326 swing high to the $1.117 low.
Cardano price is now trading below $1.20 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.20 zone. There is also a key bearish trend line forming with resistance at $1.20 on the hourly chart of the ADA/USD pair.
The first resistance is near $1.2250. The next key resistance might be $1.2450. If there is a close above the $1.2450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.2780 region. Any more gains might call for a move toward $1.320.
Another Decline in ADA?
If Cardano’s price fails to climb above the $1.20 resistance level, it could start another decline. Immediate support on the downside is near the $1.150 level.
The next major support is near the $1.120 level. A downside break below the $1.120 level could open the doors for a test of $1.080. The next major support is near the $1.0450 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $1.120 and $1.080.
Major Resistance Levels – $1.20 and $1.2450.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
