Cardano (ADA) Eyes a Potential Recovery: Can It Bounce Back?
18 Outubro 2024 - 2:08AM
NEWSBTC
Cardano price started a fresh decline below the $0.3565 zone. ADA
is consolidating above $0.3420 and might attempt a recovery wave.
ADA price started a downward move below the $0.3520 support level.
The price is trading below $0.3500 and the 100-hourly simple moving
average. There was a break above a key bearish trend line with
resistance at $0.3460 on the hourly chart of the ADA/USD pair (data
source from Kraken). The pair could attempt a recovery wave if it
clears the $0.3520 resistance zone. Cardano Price Consolidates
Losses After testing the $0.3700 resistance, Cardano struggled to
continue higher. ADA formed a short-term top and started a fresh
decline, unlike Bitcoin and Ethereum. There was a move below the
$0.3550 and $0.3500 support levels. The price even declined below
$0.3450 before the bulls appeared. A low was formed at $0.3394 and
the price is now consolidating losses. There was a minor move above
the $0.3420 level. The price cleared the 23.6% Fib retracement
level of the downward move from the $0.3705 swing high to the
$0.3394 low. Besides, there was a break above a key bearish trend
line with resistance at $0.3460 on the hourly chart of the ADA/USD
pair. Cardano price is now trading below $0.350 and the 100-hourly
simple moving average. On the upside, the price might face
resistance near the $0.3515 zone. The first resistance is near
$0.3550 or the 50% Fib retracement level of the downward move from
the $0.3705 swing high to the $0.3394 low. The next key resistance
might be $0.3620. If there is a close above the $0.3620 resistance,
the price could start a strong rally. In the stated case, the price
could rise toward the $0.3700 region. Any more gains might call for
a move toward $0.3880. More Downsides in ADA? If Cardano’s price
fails to climb above the $0.350 resistance level, it could start
another decline. Immediate support on the downside is near the
$0.3420 level. The next major support is near the $0.3400 level. A
downside break below the $0.3400 level could open the doors for a
test of $0.3220. The next major support is near the $0.3100 level
where the bulls might 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 – $0.3400 and $0.3220. Major
Resistance Levels – $0.3500 and $0.3550.
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