So, Cardano decided to take a little tumble below the $0.75 mark. Classic ADA, right? Just when you think it’s getting its act together, it starts correcting some losses like it’s on a diet. And guess what? It might just hit a wall at the $0.750 level. Surprise! 🎉
- ADA kicked off a recovery wave from the $0.650 zone. Because why not?
- But, spoiler alert: it’s still trading below $0.750 and the 100-hourly simple moving average. Yawn.
- Oh look, a short-term bearish trend line is forming with resistance at $0.720. How original! (Thanks, Kraken.)
- If it can somehow clear the $0.750 resistance zone, we might just see some fireworks. Or not. 🎆
Cardano Price Climbs Higher (Sort Of)
In the last few days, Cardano decided to join the bearish party below the $0.80 level, just like Bitcoin and Ethereum. Because who doesn’t love a good group decline?
It dipped below the $0.750 and $0.70 support levels, finally testing the $0.650 zone. A low was formed at $0.6495, which sounds like a sad little number, doesn’t it? But hey, it’s trying to recover! It climbed above the $0.680 and $0.70 level, like a toddler learning to walk.
It even tested the 50% Fib retracement level of the downward move from the $0.8169 swing high to the $0.6495 low. Fancy, huh?
But wait, there’s more! A short-term bearish trend line is still lurking with resistance at $0.720. Cardano is now trading below $0.80 and the 100-hourly simple moving average. What a plot twist!
On the upside, it might face resistance near the $0.750 zone and the 61.8% Fib retracement level. The first resistance is at $0.7750, and the next key resistance might be $0.80. Because why not throw in a few more hurdles?
If it manages to close above the $0.80 resistance, we could see a strong rally. Or it could just as easily decide to take a nap. If it does rally, we might be looking at a price rise toward the $0.950 region. And if it’s feeling really ambitious, maybe even $1.00. Dream big, ADA! 🌟
Another Decline in ADA? Oh, Joy!
If Cardano can’t muster the strength to climb above the $0.750 resistance level, we might be in for another decline. Immediate support on the downside is near the $0.7150 level. How thrilling!
The next major support is at $0.6880. If it breaks below that, we could be testing $0.650 again. And if it really wants to be dramatic, the next major support is at $0.6320, where the bulls might finally decide to show up. Maybe. 🐂
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone. How shocking!
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Just like my motivation on a Monday morning.
Major Support Levels – $0.7150 and $0.6880. Good luck with that!
Major Resistance Levels – $0.7500 and $0.7750. Because who doesn’t love a good challenge?
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2025-03-12 11:16