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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Can Cardano (ADA) Reclaims This Resistance and Gain Bullish Momentum?

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Cardano (ADA) extended losses and tested the $0.360 zone. ADA is now rising and might attempt to clear the $0.400 resistance zone.

  • ADA price remained in a bearish zone and settled below $0.40.
  • The price is trading below $0.400 and the 100-hourly simple moving average.
  • There is a connecting bullish trend line forming with support at $0.3760 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if there is a close above $0.400.

Cardano Price Remains In Negative Zone

In the past few days, Cardano started a downward move like Bitcoin and Ethereum after it failed to clear the $0.450 resistance. ADA dipped below the $0.400 support and tested the $0.360 zone.

A low was formed at $0.360 and the price is now correcting losses. There was a minor recovery wave above the $0.3750 zone. The price climbed above the 50% Fib retracement level of the downward move from the $0.4204 swing high to the $0.3600 low.

There is also a connecting bullish trend line forming with support at $0.3760 on the hourly chart of the ADA/USD pair. However, the price faces many hurdles on the upside.

ADA is still trading below $0.400 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $0.3980 zone or the 61.8% Fib retracement level of the downward move from the $0.4204 swing high to the $0.3600 low.

Cardano Price

The first resistance is near $0.400. The next key resistance might be $0.410. If there is a close above the $0.410 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4250 region. Any more gains might call for a move toward $0.450.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.400 resistance level, it could start another decline. Immediate support on the downside is near the $0.3850 level.

The next major support is near the $0.380 level and the trend line. A downside break below the $0.380 level could open the doors for a test of $0.3650. The next major support is near the $0.360 level.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

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

Major Support Levels – $0.3850, $0.380, and $0.360.

Major Resistance Levels – $0.400 and $0.4250.

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