Cardano (ADA) is Primed For a Rally And Only 1 Thing is Holding it Back

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


Cardano’s price climbed towards the $0.1150 resistance before correcting lower. Bitcoin price is in uptrend, and it seems like ADA price is likely to set up a break towards $0.1200.

  • ADA started a downside correction after trading as high as $0.1134 against the US dollar.
  • The price is still trading well above the $0.1000 support and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.1050 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 $0.1100 and $0.1120.

Cardano (ADA) is Showing Positive Signs

In the past few days, cardano’s price followed a bullish path above the $0.0980 resistance. ADA price settled nicely above the $0.1000 pivot level and the 100 simple moving average (4-hours).

It opened the doors for more gains and the price rallied above the $0.1100 resistance. There also a spike above the $0.1120 level. A high was formed near $0.1134 before the price started a downside correction. It traded below the $0.1100 support level.

There was a break below the 23.6% Fib retracement level of the upward move from the $0.0883 low to $0.1134 high. However, the price remained well bid above the $0.1000 support and the 100 simple moving average (4-hours).

Source: ADAUSD on TradingView.com

The 50% Fib retracement level of the upward move from the $0.0883 low to $0.1134 high also acted as a support. It seems like there is a key bullish trend line forming with support near $0.1050 on the 4-hours chart of the ADA/USD pair.

The pair is trading well above the $0.1000 support and the 100 simple moving average (4-hours). On the upside, the $0.1100 level is a strong resistance. A clear break above the $0.1100 barrier and $0.1120 could open the doors for a steady increase in the coming sessions. The next key hurdle for the bulls is near the $0.1200 level.

Fresh Decline?

If cardano’s price fails to clear the $0.1100 and $0.1120 resistance levels, there is a risk of a fresh decline. An initial support is near the trend line at $0.1050.

The main support is now forming near the $0.1000 level and the 100 simple moving average (4-hours). A clear break below the $0.1000 support level may possibly push the price towards the $0.0880 support zone.

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 just above the 50 level.

Major Support Levels – $0.1050, $0.1000 and $0.0880.

Major Resistance Levels – $0.1100, $0.1120 and $0.1200.

Source link

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close