As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market ups and downs. Recently, Cardano (ADA) has been testing my patience as it extended losses and dipped below the $0.360 zone. The bearish trend was evident as ADA settled below the $0.40 mark and the 100-hourly simple moving average.
Cardano (ADA) extended losses and tested the $0.360 zone. ADA is now rising and might attempt to clear the $0.400 resistance zone.
- ADA price remained in a bearish zone and settled below $0.40.
The price is trading below $0.400 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $0.3760 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could gain bullish momentum if there is a close above $0.400.
Cardano Price Remains In Negative Zone
Over the past few days, I’ve observed Cardano following a similar downward trend as Bitcoin and Ethereum after it was unable to surmount the $0.450 resistance level. Subsequently, the price of ADA dipped beneath the $0.400 support and probed the $0.360 zone.
At a price of $0.360, a low point was reached and the market is currently reversing course to recoup losses. A small rebound occurred above the $0.3750 mark. The value surpassed the 50% Fibonacci retracement level in its upward trend from the peak at $0.4204 to the trough at $0.3600.
As a crypto investor closely following the ADA/USD pair, I’ve noticed an emerging uptrend line with a crucial support level at $0.3760 on the hourly chart. Nevertheless, there are several obstacles for the price to surmount as it attempts to advance.
The price of ADA has yet to surpass the $0.400 mark and the 100-hour moving average. Looking at potential resistance levels, the nearest one is around $0.3980 or the 61.8% Fibonacci retracement point derived from the price drop between the $0.4204 peak and $0.3600 low.
As a researcher studying market trends, I’ve identified the initial resistance level at around $0.400. If we manage to break through this barrier, the next significant resistance could be found at approximately $0.410. Should the price surpass this hurdle, it may trigger a robust uptrend, potentially pushing the price towards the $0.4250 region. Any further gains might necessitate an advance towards $0.450.
Another Decline in ADA?
As a Cardano investor, if the price of my holdings fails to surpass the $0.400 resistance, I may brace myself for another potential drop in value. Should this occur, the nearest support lies at approximately $0.3850.
As an analyst, I would interpret the current market situation as follows: The next significant support lies around the $0.380 mark and the trendline. A bearish break below the $0.380 level could potentially lead us to retest the price at $0.3650. Subsequently, another major support can be found close to the $0.360 level.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.3850, $0.380, and $0.360.
Major Resistance Levels – $0.400 and $0.4250.
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2024-06-19 08:47