ADA needs a clear $0.11 level in order to start another rally to upwards in the near-term, as now there’s a bearish trend line forming. Cardano’s price is holding the $0.1000 support level and is recovering higher but it has to surpass $0.1085 to start a fresh rally in the near term. In our Cardano ADA news, we are reading more about the price analysis.
The price is trading nicely above the $0.1000 support and the 100 simple moving average with a bearish trend line forming at $0.1100 on the 4-hour charts of ADA/USD. The pair could start a fresh rally if there’s a clear break above the $0.1085 level. ADA needs a clear $0.11 level for a potential rally to upwards since it was struggling to gain momentum above the $0.1100 and declined dramatically. ADA broke the $0.1065 and the $0.1050 support levels, as well as the bulls, were able to protect the $0.1000. A new low is formed near the $0.1009 low and the price is now correcting higher.
There was a break above the $0.1035 level and the 23.6% fib retracement level from the recent drop at $0.1105 high to $0.1009 low. An initial resistance is near the $0.1060 and the $0.1065 levels with the 50% fib retracement level of the decline from $0.1105 high to $0.1009 low which is also near the $0.1060 level. The initial major resistance is near the $0.1085 level but there’s also a major bearish trendline that is forming with resistance near the $0.1100 on the charts of the pair. To start a strong increase, Cardano has to clear the $0.1085 levels with the next key resistance set at the $0.1200 level above which the bulls have to test the $0.1250.
If Cardano’s ada starts another downside correction it will find support close to the $0.1030 and the 100 simple moving average. The main support is still near the $0.1005 and the $0.1000 levels so if there’s a downside break below the $0.1005 and the $0.1000 level, the price could start another decline. The next key support is near the $0.0900 level. the MACD for the pair is struggling to move into the bullish zone while the RSI for the pair is below the 50 levels. The major resistance levels for the pair are set at $0.1065, $0.1085, and $0.1100.
As we reported in our Cardano coin news, Cardano’s Ouroboros paper dubbed “A Provably Secure Proof of Stake Blockchain Protocol” made it to the most cited security papers list on the Google Scholar platform. The paper outlines the PoS mechanism which underlines Cardano and became the second most cited paper in the cryptocurrencies with 183 citations.
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