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Cardano (ADA)
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Charted: Cardano (ADA) Corrects Gains, Why It Could Rally Again To $1.5

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

Cardano’s price gained over 25% this week and it broke the key $1.200 resistance zone. ADA is likely to continue higher above the $1.300 and $1.400 resistance levels.

  • ADA is showing a lot of positive signs above the $1.200 pivot level against the US dollar.
  • The price is trading nicely above $1.2000 and the 100 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $1.050 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
  • The pair might correct lower, but the larger trend is up and it could rise above $1.500.

Cardano (ADA) is Correcting Gains

After forming a support base above the $0.9980 and $1.00 levels, cardano’s price started a fresh increase. ADA price broke the $1.120 and $1.200 resistance levels to move into a positive zone.

There was also a break above a crucial bearish trend line with resistance near $1.050 on the 4-hours chart of the ADA/USD pair. The pair even cleared the $1.220 resistance zone. It is now trading nicely above $1.2000 and the 100 simple moving average (4-hours).

ADA climbed towards the $1.480 resistance and high is formed near $1.472. Recently, there was a downside correction below the $1.335 support zone zone. The price also spiked below the 50% Fib retracement level of the upward move from the $1.001 swing low to $1.472 high.

Cardano (ADA)

Source: ADAUSD on TradingView.com

However, the bulls are protecting the key $1.2000 support zone. The price is also holding the 61.8% Fib retracement level of the upward move from the $1.001 swing low to $1.472 high.

If there is a downside break below the $1.200 support and the 100 simple moving average (4-hours), there could be a trend change. In the stated case, the price could decline towards the $1.050 support.

Fresh Increase?

If cardano’s price stays above the $1.200 support, it could start a fresh increase. On the upside, an immediate resistance is near $1.300 and $1.335.

The next major resistance is near the $1.400 and $1.405 levels. A clear break above the $1.400 resistance will most likely open the doors for a steady increase towards the $1.500 level in the near term.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is slowly gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is now testing the 50 level.

Major Support Levels – $1.200, $1.180 and $1.050.

Major Resistance Levels – $1.300, $1.335 and $1.400.

Tags: adabtcadausdADAUSDTCardano
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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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