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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Charted: Cardano (ADA) Showing Signs of Fresh Rally, But 100 SMA is the Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Cardano (ADA)

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Cardano’s price declined heavily towards $0.1300 before correcting higher, similar to bitcoin. ADA must clear the $0.1500 resistance and the 100 SMA (H4) to start a strong increase.

  • ADA remained well bid above the $0.1300 level and corrected higher against the US dollar.
  • The price is struggling to clear the $0.1500 resistance and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.1500 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 $0.1500 and $0.1540.

Cardano (ADA) is Showing Positive Signs

In the past few days, cardano’s price corrected gains from well above the $0.1500 level. ADA price broke the $0.1450 support level and settled below the 100 simple moving average (4-hours).

The decline gained pace below the $0.1400 level, but the bulls were able to defend the key $0.1300 support zone. A low is formed near $0.1305 and the price is currently rising. There was a break above the $0.1350 and $0.1400 resistance levels.

ADA price even climbed above the 23.6% Fib retracement level of the recent decline from the $0.1688 swing high to $0.1305 swing low. However, the price is struggling to clear the $0.1500 resistance and the 100 simple moving average (4-hours).

Cardano (ADA) Price

Source: ADAUSD on TradingView.com

There is also a major bearish trend line forming with resistance near $0.1500 on the 4-hours chart of the ADA/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $0.1688 swing high to $0.1305 swing low.

A successful break above the trend line and a follow up move above the 100 simple moving average (4-hours) could open the doors for a fresh rally. The next major resistance is near the $0.1780 level.

Fresh Decline?

If cardano’s price fails to clear the trend line resistance and $0.1500, there is a risk of a fresh decline. An initial support is near the $0.1400 level.

The main support is now forming near the $0.1300 level. Any more losses could lead the price towards the breakdown zone and a key buy area at $0.1200 in the near term.

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 below the 50 level.

Major Support Levels – $0.1400, $0.1300 and $0.1200.

Major Resistance Levels – $0.1500, $0.1540 and $0.1700.

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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.

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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

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