Cardano’s (ADA) gains were corrected and the support level of $0.4520 was tested. ADA needs to stay above the support level of $0.450 in order to begin a new upward movement.
- The ADA is still struggling to move above $0.4750.
- The 100-hour simple moving average and the price are both below $0.460.
- The hourly chart shows a break over a trend line that connects to a resistance level of $0.4570. source Kraken is a good example.
- A close of $0.4620 could give the pair a bullish boost.
Cardano Price Tests Support
Cardano began a downtrend in recent sessions when it was unable to overcome the $0.4750 barrier. ADA dipped under the $0.4620 resistance and tried the important support at $4520. Bitcoin You can also find out more about the following: Ethereum.
The price has now reached a low of $0.4516. A minor wave of recovery was seen above the zone $0.4550. On the hourly chart for the ADA/USD, there was a breakout above a bearish connecting trendline with resistance at $4570. The pair reached the Fib level 23.6% of the recent drop from the swing high $0.4743 to the low $0.4516.
Cardano has fallen below the 100 hour simple moving average and is trading at $0.4620. To the upside, the nearest resistance zone is $0.4960. The initial resistance level is around $0.4620, or 50% Fib of the recent fall from the swing high $0.4743 to the low $0.4516.
It is important to note that the word “you” means “you”. next The key resistance may be at $0.4750. The price may start to rally if the resistance of $0.4750 is closed above. If the above scenario is true, then the price might rise towards the $0.50 area. For any further gains it may be necessary to move the price towards $0.5250.
More losses in ADA?
Cardano may continue its downward trend if the price does not rise above $0.4620. Support on the downside near $0.4520 is the immediate level of support.
It is important to note that the word “you” means “you”. next Major support lies near the level $0.4460. The $0.4320 level may be tested if the market breaks down below the $0.4460 support. The next The major support level is around $0.420.
Indicators of Technical Efficiency
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 – $0.4520, $0.4460, and $0.4320.
Major Resistance Levels – $0.4620 and $0.4750.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com