ADA has to climb above the $0.0980 level in order to start a new rally as the price was correcting higher from the $0.0880 support. The price of bitcoin is also surging but ADA has to climb above the said level for a new rally as we can see more in today’s Cardano ADA news.
ADA extended its decline towards $0.0880 support before correcting higher against the US dollar with the price now testing the $0.0950 resistance and it is well below the 100 simple moving average. There’s a crucial bearish trend line forming with resistance close to $0.0960 on the 4-hour charts of the ADA/USD pair with the pair likely to go on a new rally if there’s a clear break above $0.0960.
In the past few days, Cardano’s price followed a bearish pattern from above $0.1050 so the ADA price settled below the $0.1000 support level and the 100 simple moving average. The decline gained pace below the $0.0950 support level before the bulls appeared near the $0.0880 level. the new monthly low is formed close to $0.0882 and the price is now correcting higher. It also recovered above the $0.0920 and the $0.0935 level. There was a break above the 50% fib retracement level from the downward movement of the $0.9999 high to the $0.0882 low. The price is now facing a strong resistance close to the $0.0955 and the $0.0960 levels. What’s even more important, there’s a crucial bearish trend line forming with resistance at $0.0960 on the 4-hour charts for the pair.
The trend line is close to the 61% fib retracement level of the downtrend level from the $0.0999 high to $0.0882 low. A clear break above the trend line resistance and the $0.0960 could push the price to the next key resistance at $0.1000 and the 100 simple moving average. The continue higher so the price has to gain strength above the $0.1000 resistance level with the major resistance is at $0.1072. If Cardano’s price fails to clear the $0.0960 and the $0.1000 resistance levels with a risk of another decline with support near the $0.0920 level.
The main support is now forming near the $0.0900 and the $0.0880 levels. A clear break below the $0.0880 support level that could spark a sharp decline towards the $0.0820 or even the $0.0800 level. The 4-hour MACD for the pair is struggling to gain pace in the bullish zone while the 4-hour RSI is above the 50 levels.
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