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Cardano (ADA)

Charted: Cardano (ADA) is Primed For a Rally And Only 1 Thing is Holding it Back 2020-10-29

Aayush Jindal by Aayush Jindal
3 years ago
in ADA
Reading Time: 2 mins read

Cardano’s price is holding the $0.0950 support level and recovering higher. However, ADA must surpass $0.1020 and $0.1040 to start a fresh rally in the near term.

  • ADA traded as high as $0.1129 before declining below the $0.1050 support against the US dollar.
  • The price is holding the $0.0950 support, but it is well below the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.1020 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 $0.1020 and $0.1040.

Cardano (ADA) is Facing Hurdles

After struggling to stay above the $0.1125 pivot level, cardano’s price started a fresh decline. ADA broke the $0.1100 and $0.1050 support levels to move into a bearish zone.

There was also close below the $0.1050 level and the 100 simple moving average (4-hours). The price even broke the $0.1000 support level and a low is formed near $0.0952. It is currently correcting higher and trading above the $0.1000 level.

There was a break above the 23.6% Fib retracement level of the recent decline from the $0.1129 high to $0.0952 low. An initial resistance is near the $0.1015 and $0.1020 levels.

Cardano (ADA)

Source: ADAUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $0.1020 on the 4-hours chart of the ADA/USD pair. The trend line resistance is important near $0.1020 since it represents the previous breakdown zone. The next major resistance is near the $0.1040 level.

The 50% Fib retracement level of the recent decline from the $0.1129 high to $0.0952 low is also near the $0.1040 level to act as a hurdle. A clear break above $0.1020 and $0.1040 is needed to start a fresh increase. The next major resistance is at $0.1060, followed by $0.1120.

Limited Downsides?

If cardano’s price fails to clear the $0.1020 and $0.1040 resistance levels, there is a risk of a fresh decline. An initial support is near the $0.0980 level.

The main support is still near the $0.0950 level, below which the price could accelerate lower. The next key support is near the $0.0900 level.

Technical Indicators

Daily MACD – The MACD for ADA/USD is struggling to move into the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for ADA/USD is currently recovering, but it is still below the 40 level.

Major Support Levels – $0.0980, $0.0950 and $0.0900.

Major Resistance Levels – $0.1020, $0.1040 and $0.1060.

Tags: adabtcadausdADAUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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