ADA Holds Key Support And Could Rally Above $1.22: Price Analysis
ADA holds key support and could soon rally higher than $1.22 as it recovered sharply from the $10.050 support zone as we can see more in our latest Cardano news. The coin will continue higher if it manages to...
ADA holds key support and could soon rally higher than $1.22 as it recovered sharply from the $10.050 support zone as we can see more in our latest Cardano news.
The coin will continue higher if it manages to clear the main $1.220 resistance zone as ADA holds key support in the near-term as it shows some positive signs above the $1.150 pivot level against the US dollar with it trading nicely above the $1.165 on the 100 simple moving average. There’s a key bearish trend line that is forming with the resistance of $1.218 on the 4-hour charts of the pair which is likely to start a strong increase if there’s a break above the $1.220.
Source ADAUSD on TradingView.comAfter the steady decline, Cardano’s price remained stable above $1.000, and the price traded as low as $1.038 before starting an upside correction. There was a decent rise above the $1.080 and the $1.110 resistance levels. The price surged above the $1.150 level and the 100 simple moving average with the bulls pushing the price higher to $1.220 resistance. Another high was formed near the $1.287 and the price is now correcting lower and a break below $1.220 formed as well near the support level.
ADA traded below 23.6% fib retracement level from the upwards move of $1.038 low to $1.287 high and it is trading above $1.165 and the 100 simple moving average. It now seems that there’s major support forming near this level and the 50% fib retracement level from the move of $1.038 low to $1.287 high is also near the $1.165. Besides, there’s also a key bearish trend line that is forming near the resistance of $1.218 on the 4-hour charts of the pair.
ADA 24-hour Price Chart (Source: Coingecko)If there’s an upside break above these resistance levels, the price could start a new increase but in this case, it could rise towards $1.280 and the $1.335 levels. If Cardano’s price fails to clear the $1.200 and $1.220 resistance levels it will start a new decline and the key breakdown support formed near the $1.165 levels. A downside break below this level could open the doors for a fresh drop towards $1.050 and the next support is near the $1.000 level.
The 4-hour MACD for the pair is losing momentum in the bullish zone and the 4-hour RSI is approaching the 50 level.
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