ADA must surpass the $0.1020 level in order to start a new rally and to recover higher in the near-term as we can see in today’s Cardano ADA news.
ADA traded as high as $0.1129 before declining below the $0.1050 support against the US dollar with the price holding the $0.0950 support but being well below the 100 simple moving average of the 4-hour charts. there’s a key bearish trend line forming with resistance at $0.1020 on the 4-hour charts for the pair. The pair will start a fresh rally if there’s a clear break above the $0.1020 and $0.1040. After struggling to stay above the $0.1125 pivotal level, ADA started a fresh decline. ADA broke the $0.1100 and the $0.1050 support levels to go into the bearish zone.
There was also a close below the $0.1050 level and the 100 simple moving average and the price even broke the $0.1000 support level with a low being formed close to the $0.0952. It is now correcting higher and trading above the $0.1000 level. there was also a break above the 23.6% fib retracement level from the recent decline at $0.1129 high to the $0.0952 low. The initial resistance is near the $0.1015 and the $0.1020 levels with a key bearish trend line forming with resistance at $0.1020 on the 4-hour charts.
The trendline resistance is important close to the $0.1020 since it represents the previous breakdown zone. The major resistance here is close to the $0.1040 level with the 50% fib retracement level of the recent decline from $0.1129 high to the $0.0952 low which is also near the $0.1040 level. A clear break above the $0.1020 level and the $0.1040 is a start to a fresh increase. ADA must surpass it and hit new highs. If the Cardano price fails to clear the $0.1020 and the $0.1040 resistance levels, there’s a risk of a fresh drop as well with initial support being near the $0.0980 level. the main support is still near the $0.0950 level below which the price could accelerate lower with the next key support nearing the $0.0900 level.
If Cardano’s price fails to clear the $0.1020 and the $0.1040 resistance levels with a risk of a fresh decline. The major support levels for the coin are $0.0980, $0.0950 and $0.900 while the major resistance levels are set at $0.1020, $0.1040 and $0.1060.
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