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Cardano’s ADA Could Pick Up Steam Above Key Breakout Resistance

Stefan by Stefan
28/09/2020
in Cardano News
Reading Time: 2 mins read
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Cardano’s ADA Could Pick Up Steam Above Key Breakout Resistance
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Cardano’s ADA could pick up steam after a key breakout resistance at $0.1050 as the price rallied by more than 8% and broke the $0.1000 resistance already. In our latest Cardano ADA news, we are reading more about the price analysis.

ADA is up over 8% breaking the $0.1000 resistance so Cardano’s ADA could pick up steam and go higher if it surpasses the $0.1050 resistance zone. The price is now testing this resistance level and is trading above the 100 simple moving average with a break above the crucial bearish trend line with resistance close to the $0.0872 on the 4-hour charts of the pair. The pair will continue higher if it clears the $0.1050 resistance and breakout zone.

ada chart
Cardano (ADA) price surging above $0.1000. Source TradingView.com

At the start of the month, Cardano’s price broke the key $0.0880 level and extended the decline so ADA broke the $0.0800 support level and traded to a new monthly low of $0.0755. The support base is formed and the price is surging above this level as it broke many key hurdles close to the $0.0950 and settled above 100 simple moving average. What is even more important, there was a break above the crucial bearish trend line with a resistance close to the $0.0872 on the 4-hour charts.

Cardano’s price broke the 50% fib retracement level from the downward move at $0.1280 high to the $0.0755 low as the pair will start trading nicely above the $0.1000 resistance level. The coin is up by more than 8% today but it is facing a strong resistance close to the $0.1050 level. This resistance level coincides with the 61% FIB retracement level of the downward move at $0.1280 high to $0.0755 low.

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ada chart
Cardano’s ADA 24-hour Chart (Source: Coingecko)

A clear break above the $0.1050 resistance level could spark a sustained upward movement and the next major resistance will be close to the $0.1150 level above which the bulls will aim a test of the $0.1280 level. If ADA fails to clear this last resistance level, it could correct lower. The initial support on the downside is close to the $0.1000 level so the main support is forming close to the $0.0920 level and the 100 simple moving average. If ADA manages to close below $0.0920 support could push the price back into a bearish zone.

The 4-hour MACD for the pair is now gaining pace in the bullish zone while the 4-hour RSI for the pair is in the overbought zone. The major support levels are set at $0.1000 and $0.0950 while the major resistance levels are set at $0.1050 and $0.1150.

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Tags: ada pricebreakout resistanceCardanocardano pricecardano resistancefeaturedpick up steamresistance level
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Stefan

Stefan

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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