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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Cardano (ADA) Could Retrace Gains, Yet the Bullish Trend Persists

Aayush Jindal
Aayush Jindal
9 months ago
2 mins read
Cardano (ADA) Could Retrace Gains

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Cardano price extended gains above the $0.4350 resistance. ADA is now consolidating gains and might correct lower toward the $0.4250 support.

  • ADA price climbed higher and tested the $0.4565 zone.
  • The price is trading above $0.4320 and the 100-hourly simple moving average.
  • There was a break below a key bullish trend line with support at $0.4400 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could correct lower and test the $0.4250 support zone.

Cardano Price Shows Signs of Short-Term Weakness

In the past few days, Cardano gained pace for a move above the $0.40 resistance zone. ADA climbed above the $0.420 and $0.4250 resistance levels, like Bitcoin and Ethereum.

It even cleared the $0.450 resistance and tested $0.4650. A high was formed at $0.4680 and the price is now correcting gains. There was a move below the $0.4450 and $0.4400 support levels. There was a break below a key bullish trend line with support at $0.4400 on the hourly chart of the ADA/USD pair.

A low was formed at $0.4359 and the price is stuck in a range. ADA price is now trading above $0.4320 and the 100-hourly simple moving average. If there is another upward move, the price might face resistance near the $0.4465 zone and the 50% Fib retracement level of the downward move from the $0.4568 swing high to the $0.4359 low.

Cardano (ADA)
Source: ADAUSD on TradingView.com

The first resistance is near $0.450. The next key resistance might be $0.4650. If there is a close above the $0.4650 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4880 region. Any more gains might call for a move toward $0.500.

Downside Correction in ADA?

If Cardano’s price fails to climb above the $0.4465 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.4360 level.

The next major support is near the $0.4250 level. A downside break below the $0.4250 level could open the doors for a test of $0.4050. The next major support is near the $0.400 level.

Technical Indicators

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

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

Major Support Levels – $0.4360 and $0.4250.

Major Resistance Levels – $0.4465 and $0.4650.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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