HomeAltcoin NewsCardano (ADA) Price Sighting Next Crucial Bullish Break

Cardano (ADA) Price Sighting Next Crucial Bullish Break

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  • ADA price declined heavily below $0.0835 before it found support near $0.0765 against the US Dollar.
  • The price is currently correcting higher, but it is facing a lot of hurdles near $0.0835.
  • There is a major bearish trend line forming with resistance near $0.0835 on the 4-hours chart (data feed via Kraken).
  • The price could surge higher if it clears the $0.0835 and $0.0852 resistance levels.

Cardano price is currently attempting an upside break above $0.0835 against the US Dollar, but struggling vs bitcoin. ADA could start a strong rise once it settles above $0.0850.

Cardano Price Analysis

In the past few days, there was a steady decline in cardano price below $0.0900 against the US Dollar. The ADA/USD pair broke the key $0.0850 support level to enter a bearish zone. It even broke the $0.0800 support and settled well below the 55 simple moving average (4-hours). Finally, the price spiked below the $0.0780 level and traded to a new monthly low at $0.0764.

Recently, bitcoin price started a strong rise, helping cardano is starting an upside correction above $0.0780. It broke the $0.0800 resistance plus the 23.6% Fibonacci retracement level of the last decline from the $0.0905 high to $0.0764 low. However, the price seems to be facing a strong resistance near the $0.0835 level. The 50% Fibonacci retracement level of the last decline from the $0.0905 high to $0.0764 low is acting as a resistance.

Moreover, there is a major bearish trend line forming with resistance near $0.0835 on the 4-hours chart. If there is an upside break above $0.0835, the price could test the $0.0850 resistance. The 61.8% Fibonacci retracement level of the last decline from the $0.0905 high to $0.0764 low is also near the $0.0851. Therefore, a successful close above $0.0835 and $0.0851 is needed for an upside acceleration.

If the price fails to climb above the $0.0835 and $0.0851 resistance levels, it could decline again. An initial support is near $0.0820 and $0.0800, below which the price is likely to revisit the $0.0764 swing low.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is currently trading near a crucial resistance area at $0.0835. If the bulls succeed in clearing the $0.0835 and $0.0851 resistances, there could be a strong rise towards $0.0900 and $0.0920. Conversely, there could be a fresh decline below $0.0800. If there are more downsides, the price could even test the $0.0750 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently losing momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is still below the 50 level and is struggling to gain pace.

Key Support Levels – $0.0800 and $0.0750.

Key Resistance Levels – $0.0835 and $0.0851.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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