ADA Corrects Its Gains But Could Rally To $1.5 Again: Analysis
ADA corrects its gains but could rally towards $1.5 again with the price gaining 25% over the week and breaking the key $1.200 resistance zone so let’s read more in our latest Cardano ADA news today. ADA is showing...
ADA corrects its gains but could rally towards $1.5 again with the price gaining 25% over the week and breaking the key $1.200 resistance zone so let’s read more in our latest Cardano ADA news today.
ADA is showing more positive signs above the $1.200 pivot level against the US dollar with the price trading above the $1.200 and the 100 simple moving average and the break above the crucial bearish trend line with the resistance of $1.050 on the 4-hour chats of the pair that could correct lower while the larger trend is up and more chances of the price to rise at $1.500 are forming. After forming a support base above the $0.9980 and the $1.00 levels with the ADA price starting a fresh increase. The price broke the $1.200 resistance level to move into a positive zone.
Source ADAUSD on TradingView.comThere was another break above the crucial bearish trend line near the support of $1.050 on the 4-hour charts of the pair. The pair even cleared the $1.220 resistance but trades slightly above it and the 100 simple moving average. ADA corrects its gains and climbed to the $1.480 resistance with a new high is formed near the $1.472 but a downside correction below the $1.334 support zone is launching. The price spiked below the 50% fib retracement level from the upwards move of $1.001 swing low to the $1.472 high.
The bulls are protecting the key $1.200 support zone with the price holding the 61.8% fib retracement level from the upwards move to the $1.001 low to the $1.472 high. If the downside break below this support zone and the 100 simple moving average there will likely a new trend change. In the stated case, the price will drop towards $1.050 support. If Cardano’s price stays above the $1.200 support it will start a new increase on the upside where the resistance is set at the $1.300 level.
Cardano breaks out of its Descending Triangle pattern. Source ADAUSD on TradingView.comThe next major resistance is near the $1.400 and the $1.405 level with a clear break above the $1.400 resistance will open the doors for a new increase towards the $1.500 level in the near-term. The 4-hour MACD for the pair is gaining momentum in the bearish zone, with the RSI for the pair testing the 50 level.
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