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Cardano (ADA) Rally Could Gather Steam Above This Key Breakout Resistance
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Cardano (ADA) Rally Could Gather Steam Above This Key Breakout Resistance

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

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Cardano’s price rallied more than 8% and it broke the $0.1000 resistance. ADA is likely to accelerate higher once it surpasses the key $0.1050 resistance zone.

  • ADA is up over 8% and it broke the $0.1000 resistance zone against the US dollar.
  • The price is currently testing the $0.1050 resistance and trading above the 100 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $0.0872 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
  • The pair is likely to continue higher if it clears $0.1050 resistance and breakout zone.

Cardano (ADA) is Gaining Bullish Momentum

Earlier this month, cardano’s price broke the key $0.0880 level and extended its decline. ADA even broke the $0.0800 support level and traded to a new monthly low at $0.0755.

A support base is formed and the price is currently surging above $0.0880. It broke many key hurdles near $0.0950 and settled above the 100 simple moving average (4-hours). More importantly, there was a break above a crucial bearish trend line with resistance near $0.0872 on the 4-hours chart of the ADA/USD pair.

Cardano price broke the 50% Fib retracement level of the downward move from the $0.1280 high to $0.0755 low. The pair is now trading nicely above the $0.1000 resistance level.

Cardano (ADA) Price

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

It is now up over 8% today, but it is facing a strong resistance near the $0.1050 level. The stated resistance coincides with the 61.8% Fib retracement level of the downward move from the $0.1280 high to $0.0755 low.

A clear break above the $0.1050 resistance level could spark a sustained upward move. The next major resistance is near the $0.1150 level, above which the bulls are likely to aim a test of the $0.1280 level.

Dips Supported?

If cardano’s price fails to clear the $0.1050 resistance, it could correct lower. An initial support on the downside is near the $0.1000 level.

The main support is now forming near the $0.0920 level and the 100 simple moving average (4-hours). A successful close below the $0.0920 support may perhaps push the price back into a bearish zone.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is currently gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is currently in the overbought zone.

Major Support Levels – $0.1000, $0.0950 and $0.0920.

Major Resistance Levels – $0.1050, $0.1150 and $0.1200.

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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.

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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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