The value of Cardano began to decrease, moving lower than the $1.050 mark. Currently, the price of ADA is holding steady but encountering resistance around the $1.020 and $1.040 points.
- ADA price started a downward move below the $1.020 support zone.
- The price is trading below $1.00 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another increase if it clears the $1.020 resistance zone.
Cardano Price Faces Selling Pressure
Following some difficulty surmounting the $1.120 resistance barrier, Cardano then initiated a new drop, much like Bitcoin and Ethereum. The price of ADA subsequently dipped beneath the $1.10 and $1.050 support thresholds.
The duo dipped below the dollar mark, with a record low at $0.9151 being established. Currently, it’s holding steady as it recovers from its losses. There was a slight upward push above the resistance level of $0.940. It also surpassed the 23.6% Fibonacci retracement level of the downward trend that started from the peak at $1.1113 and ended at $0.9151.
Currently, the price of Cardano is lower than $1.00 and is also below its 100-hour moving average. As it moves upward, potential obstacles could arise around the $1.00 region. The initial resistance level seems to be around $1.020.
On the hourly chart for the ADA/USD pair, a significant bearish trend line is developing with a resistance point at approximately $1.015. This trend line is near the 50% Fibonacci retracement level of the price drop from the peak of $1.1113 to the trough of $0.9151.
If we surpass the potential resistance at $1.050, it could trigger a robust upward trend. In this scenario, the price may climb towards the $1.0650 zone. Further advancements could lead to a jump toward $1.10 in the short term.
Another Decline in ADA?
If Cardano’s price fails to climb above the $1.020 resistance level, it could start another decline. Immediate support on the downside is near the $0.9450 level.
Approaching next, significant resistance lies around the $0.920 mark. A drop below this level at $0.920 could lead to a potential test of $0.90. Further down, potential support can be found near $0.8650, where bulls may re-emerge.
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 – $0.9450 and $0.9200.
Major Resistance Levels – $1.020 and $1.050.
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2024-12-19 08:10