Cardano Price Analysis: ADA Token Price Retests The bullish Breakout

• ADA Token price action tests the crucial support zone near the $2 mark.
• The support zone near $2  is within the 0.5 and 0.618 FIbonacci level representing the highest chances of a bullish reversal.
• The pair of ADA/BTC is trading at 0.00003238 BTC with an intraday move of +0.04% 

The ADA Token price retraces below the $2 mark that has served as a significant support level for a while. However, the support zone still stands keeping the chances of a bullish reversal high.

Pivot points analysis have shown that resistance levels for the Token are at $2.3, followed by $2.6. But, sellers could face resistance at $1.7 and $1.4 if the price drops below the crucial support zone.

ADA Token price is traded at $1.96; the market capitalization has fallen 1.85% in the past 24 hours. In addition, intraday trading volumes decreased by 20% during the last day.

What are the Chances Of  A Bullish Reversal For ADA Token Prices?

The ADA token price suggests a high likelihood of bullish reversal as the price consolidates within two key Fibonacci Levels. Breakout of 0.5 Fibonacci Level will provide the buying signal whereas, the fallout below the 0.618 Fibonacci Level will generate a selling signal.

The ADA token prices show a growth in bearish trend as the price trades below than the important EMAs 20,50, and 100. However, the 200-day EMA still stands strong. As a result, the reversal chances from the 200-day EMA is alive.

The RSI indicator predicts strong underlying bearishness as the RSI slope moves below the central line.

MACD indicators show the MACD and signals lines rising on the daily chart. Additionally, the lines indicate a purchase signal as the fast line crosses the seller’s line.

Conclusion: The breakout of $2.05 on the daily chart will provide a strong buying opportunity. However, fallout of the $1.80 mark will lead to a downfall. 

Resistance– $2.3 or $2.6

Support– $1.8 and $1.4