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.
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.
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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