ADA Price Reaches Key Juncture – Can Cardano Start A Fresh Surge?
23 Fevereiro 2024 - 1:28AM
NEWSBTC
Cardano (ADA) is correcting gains from the $0.642 resistance zone.
ADA could start a fresh rally if it stays above the $0.5550 support
zone. ADA price is showing a few bearish signs below the $0.600
level. The price is trading above $0.5550 and the 100 simple moving
average (4 hours). There was a break below a key bullish trend line
with support at $0.610 on the 4-hour chart of the ADA/USD pair
(data source from Kraken). The pair could attempt a fresh increase
if the bulls remain active above the $0.570 support. Cardano Price
Dips To Support After forming a base above the $0.520 level,
Cardano started a fresh increase. ADA price was able to climb above
the $0.555 and $0.565 resistance levels to move into a positive
zone, like Bitcoin and Ethereum. The bulls pushed the pair above
the $0.600 resistance zone. However, the bears were active near the
$0.6420 resistance zone. A high was formed near $0.6419 and the
price started a downside correction. There was a move below the
$0.600 level. There was also a break below a key bullish trend line
with support at $0.610 on the 4-hour chart of the ADA/USD pair. The
price declined below the 23.6% Fib retracement level of the upward
move from the $0.4718 swing low to the $0.6419 high. ADA price is
now trading below $0.600 and the 100 simple moving average (4
hours). The bulls might remain active near the $0.5700 support or
the 50% Fib retracement level of the upward move from the $0.4718
swing low to the $0.6419 high. Source: ADAUSD on TradingView.com On
the upside, immediate resistance is near the $0.600 zone. The first
resistance is near $0.612. The next key resistance might be $0.620.
If there is a close above the $0.620 resistance, the price could
start a strong rally. In the stated case, the price could rise
toward the $0.642 region. Any more gains might call for a move
toward $0.680. More Losses in ADA? If Cardano’s price fails to
climb above the $0.600 resistance level, it could continue to move
down. Immediate support on the downside is near the $0.570 level.
The next major support is near the $0.5550 level. A downside break
below the $0.5500 level could open the doors for a test of $0.5120.
The next major support is near the $0.500 level. Technical
Indicators 4 hours MACD – The MACD for ADA/USD is losing momentum
in the bullish zone. 4 hours RSI (Relative Strength Index) – The
RSI for ADA/USD is now below the 50 level. Major Support Levels –
$0.570, $0.5550, and $0.5120. Major Resistance Levels – $0.600,
$0.6120, and $0.6420.
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