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Home»Analysis»Cardano (ADA) could rebound strongly if it breaks this barrier
Analysis

Cardano (ADA) could rebound strongly if it breaks this barrier

2024-10-09No Comments3 Mins Read
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Cardano price started a new decline below the $0.3550 zone. ADA is consolidating above USD 0.3400 and could attempt a recovery wave.

  • ADA price started a downward move below the $0.3500 support level.
  • The price is trading below $0.3520 and the 100-hour simple moving average.
  • A major bearish trendline is forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair (Kraken data source).
  • The pair could continue falling if it remains below the $0.3520 resistance zone.

Cardano Price Consolidates Losses

After testing the resistance at $0.3680, Cardano struggled to hold higher. ADA formed a short-term top and started a new decline, as did Bitcoin and Ethereum. There was a move below the USD 0.3550 and USD 0.3500 support levels.

The price even fell below $0.3450 before the bulls appeared. A low was formed at $0.3409 and the price is now consolidating losses. There was a small move above the USD 0.3450 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low.

Cardano price is now trading below $0.3520 and the 100-hourly moving average. On the upside, the price could encounter resistance near the $0.3460 zone. There is also a major bearish trendline forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair.

Cardano Prize

First resistance is near $0.3520 or the 50% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low. The next major resistance could be at USD 0.3550. If there is a close above the resistance at $0.3550, the price could start a strong rally. In the mentioned case, the price could rise towards the $0.3680 region. Further gains could require a move towards $0.400.

See also  Cardano surpasses 500 million ADA in TVL

More disadvantages in ADA?

If Cardano price fails to rise above the USD 0.3550 resistance level, it could trigger another decline. The immediate downside support is near the $0.3420 level.

The next major support is near the $0.3400 level. A downside break below the USD 0.3400 level could open the doors for a test of USD 0.3250. The next major support is near the $0.3120 level, where the bulls could 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 – USD 0.3400 and USD 0.3350.

Major resistance levels – $0.3460 and $0.3550.

Source link

ADA barrier Breaks Cardano Rebound Strongly
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