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Cardano (ADA) Could Recover Strongly If It Smashes This Barrier

Cardano (ADA) Could Recover

Cardano price started a fresh decline below the $0.3550 zone. ADA is consolidating above $0.3400 and might attempt a recovery wave.

  • ADA price started a downward move below the $0.3500 support level.
  • The price is trading below $0.3520 and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could continue to move down if it stays below the $0.3520 resistance zone.

Cardano Price Consolidates Losses

After testing the $0.3680 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.3550 and $0.3500 support levels.

The price even declined below $0.3450 before the bulls appeared. A low was formed at $0.3409 and the price is now consolidating losses. There was a minor move above the $0.3450 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low.

Cardano price is now trading below $0.3520 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3460 zone. There is also a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair.

Source: ADAUSD on TradingView.com

The first resistance is near $0.3520 or the 50% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low. The next key resistance might be $0.3550. If there is a close above the $0.3550 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.3680 region. Any more gains might call for a move toward $0.400.

More Downsides in ADA?

If Cardano’s price fails to climb above the $0.3550 resistance level, it could start another decline. Immediate support on the downside is near the $0.3420 level.

The next major support is near the $0.3400 level. A downside break below the $0.3400 level could open the doors for a test of $0.3250. The next major support is near the $0.3120 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.3400 and $0.3350.

Major Resistance Levels – $0.3460 and $0.3550.

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.

Source: newsbtc.com

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