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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Cardano Bounce Losing Strength? ADA Recovery Could Fade Soon

Aayush Jindal
Aayush Jindal
2 weeks ago
2 mins read
Cardano Bounce Losing Strength

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Cardano price started a recovery wave from the $0.6420 zone. ADA is now facing resistance near $0.6850 and might decline again.

  • ADA price started a recovery wave from the $0.6420 zone.
  • The price is trading below $0.680 and the 100-hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance at $0.650 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could start another increase if it clears the $0.6850 resistance zone.

Cardano Price Faces Resistance

In the past few days, Cardano saw a fresh decline from the $0.730 level, like Bitcoin and Ethereum. ADA declined below the $0.70 and $0.680 support levels.

A low was formed at $0.6426 and the price is again moving higher. There was a move above the $0.6550 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $0.7298 swing high to the $0.6426 low. Besides, there was a break above a connecting bearish trend line with resistance at $0.650 on the hourly chart of the ADA/USD pair.

However, the bears are active near the $0.6850 resistance and the 50% Fib retracement level of the recent decline from the $0.7298 swing high to the $0.6426 low. Cardano price is now trading below $0.680 and the 100-hourly simple moving average.

Cardano Price
Source: ADAUSD on TradingView.com

On the upside, the price might face resistance near the $0.680 zone. The first resistance is near $0.6850. The next key resistance might be $0.7090. If there is a close above the $0.7090 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.730 region. Any more gains might call for a move toward $0.750 in the near term.

Another Drop in ADA?

If Cardano’s price fails to climb above the $0.6850 resistance level, it could start another decline. Immediate support on the downside is near the $0.6630 level.

The next major support is near the $0.6500 level. A downside break below the $0.650 level could open the doors for a test of $0.6320. The next major support is near the $0.6175 level where the bulls might emerge.

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 above the 50 level.

Major Support Levels – $0.6630 and $0.6500.

Major Resistance Levels – $0.6850 and $0.7090.

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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

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