ADA/USD Price Positive Move Reaches Resistance Zone, Will it Give Pullback?

Themarketperiodical 3 months ago Report
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  • ADA/USD price at the monthly chart is trading near the minor hurdle after a sharp bounce back from the strong demand zone.  
  • The crypto asset faces a minor rejection of the 200-day moving average line after a strong recovery that suppresses the short to medium-term DMA line of 20, 50, and 100-day. 
  • Pair of ADA/BTC is trading at 0.00003704 BTC with a change of +4.34% in the last 24-hour, and the ratio of ADA/ETH is CMP at 0.0004904 ETH with an intraday gain of +5.60%. 

ADA/USD price is CMP near the minor supply zone, after a sharp positive rally from the lower levels. Cardano price was trading under the definite bearish trend after reaching its all-time high of $3.10. Meanwhile, the bulls are trying to take charge as the coin recently tested the lows of around $1.00. Volume over the monthly chart is average and needs to grow rapidly of a strong bounce-back till $2.00. 

The Bulls are facing a minor hurdle of the 100 and 200-day moving average line while getting stable above the SMA of the 20 and 50-day line. Supporting volume action will push more buyers once the crypto bulls manage to sustain above the 100 and 200-day line. Support for the upcoming correction is placed at $1.24 and $1.05, while resistance is at $1.64 and $1.78. 

ADA/USD price at the weekly chart is riding the solid bullish move

ADA/USD price at the weekly chart is riding the solid bullish move, as the coin witnesses a strong buying interest from lower levels. After a strong surge from lower levels, the technical parameters are trading under the overbought zone. The bulls must keep slight caution for fresh longs in the current scenario. ADA/USD price is trading at $1.54 with an intraday gain of +2.37%, and volume to market cap ratio is at 0.1013 

Relative Strength Index (CAUTION)ADA/USD price RSI is trading under the overbought zone, with a solid up move from a lower zone. The coin is currently trading under the bullish chart setup and CMP near the upper zone of the pattern and RSI at 66. 

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Moving Average Convergence Divergence (CAUTION): The daily chart indicates a bearish trend at the 4-hour time frame. The buyer’s signal line (green) is heading towards the seller’s line (red) for negative crossover.      

Support levels: $1.24 and $1.05

Resistance levels: $1.64 and $1.78. 

DISCLAIMER

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Original Source: https://themarketperiodical.com/2022/01/18/ada-usd-price-positive-move-reaches-resist...

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