As a seasoned crypto investor with years of market observations under my belt, I see the current Cardano (ADA) price consolidation as a potential opportunity rather than a cause for concern. After a brief surge past the $0.3680 resistance, ADA has retraced, testing the resilience of its support levels.
The price of Cardano has begun a new drop, falling below the $0.3550 mark. For now, it’s holding steady above $0.3400, indicating it may soon try to recover.
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ADA price started a downward move below the $0.3500 support level.
The price is trading below $0.3520 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could continue to move down if it stays below the $0.3520 resistance zone.
Cardano Price Consolidates Losses
Following its attempt to break through the $0.3680 barrier, Cardano found it difficult to push further upwards. Consequently, ADA reached a temporary peak and initiated a downward trend similar to Bitcoin and Ethereum. The price dipped below the support of $0.3550 and $0.3500.
Initially, the price dipped below $0.3450, reaching a low at $0.3409. Currently, it’s holding steady as it recovers from these losses. There was a brief surge above the $0.3450 mark, but it didn’t last long. The price has also touched the 23.6% Fibonacci retracement level derived from the upward swing between $0.3681 and $0.3409.
currently, the value of Cardano is being traded below $0.3520 and the 100-hour moving average. If it moves upward, potential obstacles may arise around the $0.3460 region. Additionally, a significant downward trend line is emerging on the hourly chart of ADA/USD, with resistance at the same $0.3460 level.
In simpler terms, if the price reaches around $0.3520 or halfway through the recent price drop from its highest point at $0.3681 to its lowest point at $0.3409, it could encounter resistance. The next potential resistance level might be $0.3550. If the price manages to close above this barrier, it may initiate a robust upward trend that could push the price towards the $0.3680 zone. Further gains could potentially lead us to consider a move towards $0.400.
More Downsides in ADA?
If Cardano’s price doesn’t manage to surpass the $0.3550 barrier, there’s a possibility of another drop. The lowest point it might stop falling could be around $0.3420.
If the price falls below the $0.3400 mark, it may potentially lead to a drop testing the $0.3250 level. However, should the price continue to decline, there’s a significant support level around $0.3120 where buyers could re-enter the market.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.3400 and $0.3350.
Major Resistance Levels – $0.3460 and $0.3550.
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2024-10-09 08:10