Charted: Cardano (ADA) Daily Chart Indicates A Significant Bullish Wave

Aayush Jindal

4 years ago

2 mins read

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.

Cardano’s price surged above the main $0.1000 resistance level and started a strong increase. ADA is likely to continue higher towards $0.1250 in the coming days.

ADA is showing positive signs and it is now trading well above $0.1000 against the US dollar.
The price cleared the $0.1120 resistance and trading above the 100-day simple moving average.
There was a break above a significant bearish trend line with resistance near $0.0965 on the daily chart of the ADA/USD pair (data source from Bitfinex).
The pair is likely to continue higher towards the $0.1250 and $0.1280 resistance levels.

Cardano (ADA) is Gaining Bullish Momentum

This past month, cardano’s price started a fresh increase from the $0.0755 low. ADA cleared the $0.0880 and $0.0950 resistance levels to move into a positive zone.

The upward move gained pace after there was a break above a significant bearish trend line with resistance near $0.0965 on the daily chart of the ADA/USD pair. There was also a break above the 50% Fib retracement level of the key decline from the $0.1280 high to $0.0755 low.

Cardano cleared the $0.1120 resistance and trading above the 100-day simple moving average. An immediate resistance is near the $0.1155 level. It is close to the 76.4% Fib retracement level of the key decline from the $0.1280 high to $0.0755 low.

Cardano (ADA) price surging above $0.1100. Source: TradingView.com

A successful close above the $0.1155 level might clear the path for more upsides towards the $0.1250 resistance. The next key resistance is near $0.1280, above which the price may even test $0.1320.

Dips Supported?

If cardano’s price starts a downside correction, it is likely to find support near $0.1100. An initial support on the downside is near the $0.1080 level.

The main support is now forming near the $0.1020 level (a major breakout zone). If there is a downside break below $0.1020 and $0.1000, the price might start a strong decline.

Technical Indicators

Daily MACD – The MACD for ADA/USD is currently gaining pace in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for ADA/USD is currently well above the 50 level.

Major Support Levels – $0.1120, $0.1080 and $0.1020.

Major Resistance Levels – $0.1155, $0.1250 and $0.1280.

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.

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.

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.