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Charted: Cardano (ADA) Needs To Clear $0.10 For Hopes of a Fresh Rally
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Charted: Cardano (ADA) Needs To Clear $0.10 For Hopes of a Fresh Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Cardano (ADA)

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Cardano’s price is correcting higher from the $0.0880 support. Bitcoin price is surging, but ADA must climb above $0.0980 and $0.1000 to start a strong rally.

  • ADA extended its decline towards the $0.0880 support before correcting higher against the US dollar.
  • The price is now testing the $0.0950 resistance and it is well below the 100 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $0.0960 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
  • The pair is likely to start a fresh rally if there is a clear break above $0.0960 and $0.1000.

Cardano (ADA) is Facing Significant Resistance

In the past few days, cardano’s price followed a bearish path from well above $0.1050. ADA price even settled below the $0.1000 support level and the 100 simple moving average (4-hours).

The decline gained pace below the $0.0950 support level before the bulls appeared near the $0.0880 level. A new monthly low is formed near $0.0882 and the price is currently correcting higher. It recovered above the $0.0920 and $0.0935 levels.

There was a clear break above the 50% Fib retracement level of the downward move from the $0.0999 high to $0.0882 low. The price is now facing a strong resistance near the $0.0955 and $0.0960 levels.

Cardano (ADA) Price

Source: ADAUSD on TradingView.com

More importantly, there is a crucial bearish trend line forming with resistance near $0.0960 on the 4-hours chart of the ADA/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $0.0999 high to $0.0882 low.

A clear break above the trend line resistance and $0.0960 could push the price towards the next key resistance at $0.1000 or the 100 simple moving average (4-hours). To continue higher, the price must gain strength above the $0.1000 resistance level. The next major resistance is at $0.1072, followed by $0.1120.

Fresh Decline?

If cardano’s price fails to clear the $0.0960 and $0.1000 resistance levels, there is a risk of a fresh decline. An initial support is near the $0.0920 level.

The main support is now forming near the $0.0900 and $0.0880 levels. A clear break below the $0.0880 support level may possibly spark a sharp decline towards $0.0820 or even $0.0800.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is struggling to gain pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is currently just above the 50 level.

Major Support Levels – $0.0920, $0.0900 and $0.0880.

Major Resistance Levels – $0.0955, $0.0960 and $0.1000.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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