ADA corrects its gains but could rally towards $1.5 again with the price gaining 25% over the week and breaking the key $1.200 resistance zone so let’s read more in our latest Cardano ADA news today.
ADA is showing more positive signs above the $1.200 pivot level against the US dollar with the price trading above the $1.200 and the 100 simple moving average and the break above the crucial bearish trend line with the resistance of $1.050 on the 4-hour chats of the pair that could correct lower while the larger trend is up and more chances of the price to rise at $1.500 are forming. After forming a support base above the $0.9980 and the $1.00 levels with the ADA price starting a fresh increase. The price broke the $1.200 resistance level to move into a positive zone.
There was another break above the crucial bearish trend line near the support of $1.050 on the 4-hour charts of the pair. The pair even cleared the $1.220 resistance but trades slightly above it and the 100 simple moving average. ADA corrects its gains and climbed to the $1.480 resistance with a new high is formed near the $1.472 but a downside correction below the $1.334 support zone is launching. The price spiked below the 50% fib retracement level from the upwards move of $1.001 swing low to the $1.472 high.
The bulls are protecting the key $1.200 support zone with the price holding the 61.8% fib retracement level from the upwards move to the $1.001 low to the $1.472 high. If the downside break below this support zone and the 100 simple moving average there will likely a new trend change. In the stated case, the price will drop towards $1.050 support. If Cardano’s price stays above the $1.200 support it will start a new increase on the upside where the resistance is set at the $1.300 level.
The next major resistance is near the $1.400 and the $1.405 level with a clear break above the $1.400 resistance will open the doors for a new increase towards the $1.500 level in the near-term. The 4-hour MACD for the pair is gaining momentum in the bearish zone, with the RSI for the pair testing the 50 level.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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