Market Wrap – Cardano (ADA) Price Analysis

​Cardano (ADA) price is trying to clear $0.1250 against the U.S. Dollar, similar to Bitcoin close to $12,000. ADA price could only rally once it passes the $0.1300 line if it gets rid of the $0.1250 resistance.

Cardano (ADA) – Price Analysis

In the last few days, there was a continual decline in Cardano price below the $0.1350 support in comparison to the U.S. Dollar. The ADA/USD couple even traded below the $0.1300 support line and the 55 simple moving average on the 4-hours chart.

​The price tried the $0.1200 support zone, and a low took shape near $0.1182; just a while ago, there was an upside correction from the mentioned low level. There was a break above the $0.1220 resistance line, and also a spike above the 23.6 percent Fibonacci retracement level of the dropping move from the $0.1451 swing high to $0.1182 swing low.

In addition, there was a break above a connecting bearish trend line with resistance close to $0.1245 on the 4-hours chart. The price is now swinging between the $0.1250 and $0.1260 levels.

What to Expect Next

If Cardano price manages to pass the $0.1250 resistance, the next major struggle is close to the $0.1300 line and the 55 simple moving average on the 4-hours chart. The 50 percent Fibonacci retracement level of the downward pattern from the $0.1451 swing high to $0.1182 swing low is also close to the $0.1310 line.

A fruitful close above the $0.1300 level might birth some new opportunities for a larger rally. If this is the case, the price could keep rising towards the $0.1420 and $0.1450 resistance level.

On the other hand, there is a risk of a dramatic breakdown below the $0.1200 and $0.1185 support lines. The next major support on the downside could be close to the $0.1620 level.

Cardano ADA Price TradingView - Market Wrap - Cardano (ADA) Price Analysis

The chart above shows that ADA price is definitely struggling to recover above the $0.1250 and the 55 simple moving average on the 4-hours illustration. In general, the price could either rally above the $0.1250 resistance level or might drop below the $0.1200 support line.


Trending news

Top Exchanges
Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

5

Website

Icon
FortuneJack

4.55

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2271 Articles

Top Exchanges
Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

4.93

Website

Icon
FortuneJack

4.90

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Trending news