Logo
Cardano Ecosystem

Investingcube

11/04/2021

·

793 views


Cardano Price Bounces from Critical Support to Key resistance

The Cardano price found strong support at the 200-Day Moving Average, leading to breakout calls. However, in my opinion, ADA goes lower. Cardano (ADA) is trading at $2.016 (2.25%) today but holding a 7-day gain of 3.40%. Due to...

Cardano Price Bounces from Critical Support to Key resistance

The Cardano price found strong support at the 200-Day Moving Average, leading to breakout calls. However, in my opinion, ADA goes lower. Cardano (ADA) is trading at $2.016 (2.25%) today but holding a 7-day gain of 3.40%. Due to Solana’s recent performance, ADA ranks the 6th-largest cryptocurrency (3rd in August) ahead of Ripple (XRP).

Cardano has struggled to regain upside momentum following the Alonzo hard fork in September, trending lower for the last two months. Subsequently, the ADA price has fallen off the pace recently and lost considerable ground to other prominent layer-1 projects.

As a result, the ADA token retreated to the 200-Day Moving Average last week. Fortunately for the bulls, the Cardano price is holding above the indicator. Furthermore, the token is testing the resolve of descending trend line resistance. However, the trendline aggressively rejected yesterday’s breakout attempt, which could signal a round trip back to the 200-DMA.

ADA Price Analysis

The daily chart shows ADA failed to clear trend resistance at $2.120 on a closing basis in yesterday’s session. The 50 and 100-DMA’s at $2.159 and $2.185 combined with the trend create robust confluent resistance. The weak Relative Strength Index (45) and MACD reinforce the negative momentum.

Taking these factors into account, the Cardano price should head back to the 200-DMA at $1.817. Furthermore, if ADA drops below this level on a closing basis, an extension towards $1.500 is probable.

The bearish view relies on the price remaining below the trend and the 50 and 100-DMAs. On that basis, a close above $2.195 invalidates the thesis.

Cardano Price Chart (Daily)


For more market insights, follow Elliott on Twitter.
AD

Delegate Your Voting Power to FEED DRep in Cardano Governance.

DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!


Read Original Article on Investingcube

ORIGINAL SOURCE

https://www.investingcube.com/cardano-pr...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from Investingcube

See more
Cardano Price Downside Extends As Ethereum Upsurge Adds Pressure
Investingcube
Cardano Price Downside Extends As Ethereum Upsurge Adds Pressure

06/03/2025

·

44 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)