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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

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

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Cardano’s price climbed towards the $0.1150 resistance before correcting lower. Bitcoin price is in uptrend, and it seems like ADA price is likely to set up a break towards $0.1200.

  • ADA started a downside correction after trading as high as $0.1134 against the US dollar.
  • The price is still trading well above the $0.1000 support and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.1050 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 $0.1100 and $0.1120.

Cardano (ADA) is Showing Positive Signs

In the past few days, cardano’s price followed a bullish path above the $0.0980 resistance. ADA price settled nicely above the $0.1000 pivot level and the 100 simple moving average (4-hours).

It opened the doors for more gains and the price rallied above the $0.1100 resistance. There also a spike above the $0.1120 level. A high was formed near $0.1134 before the price started a downside correction. It traded below the $0.1100 support level.

There was a break below the 23.6% Fib retracement level of the upward move from the $0.0883 low to $0.1134 high. However, the price remained well bid above the $0.1000 support and the 100 simple moving average (4-hours).

Cardano (ADA)

Source: ADAUSD on TradingView.com

The 50% Fib retracement level of the upward move from the $0.0883 low to $0.1134 high also acted as a support. It seems like there is a key bullish trend line forming with support near $0.1050 on the 4-hours chart of the ADA/USD pair.

The pair is trading well above the $0.1000 support and the 100 simple moving average (4-hours). On the upside, the $0.1100 level is a strong resistance. A clear break above the $0.1100 barrier and $0.1120 could open the doors for a steady increase in the coming sessions. The next key hurdle for the bulls is near the $0.1200 level.

Fresh Decline?

If cardano’s price fails to clear the $0.1100 and $0.1120 resistance levels, there is a risk of a fresh decline. An initial support is near the trend line at $0.1050.

The main support is now forming near the $0.1000 level and the 100 simple moving average (4-hours). A clear break below the $0.1000 support level may possibly push the price towards the $0.0880 support zone.

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 above the 50 level.

Major Support Levels – $0.1050, $0.1000 and $0.0880.

Major Resistance Levels – $0.1100, $0.1120 and $0.1200.

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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

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