Cardano (ADA) Could Retrace Gains, Yet the Bullish Trend Persists
2024年7月18日 - 2:08PM
NEWSBTC
Cardano price extended gains above the $0.4350 resistance. ADA is
now consolidating gains and might correct lower toward the $0.4250
support. ADA price climbed higher and tested the $0.4565 zone. The
price is trading above $0.4320 and the 100-hourly simple moving
average. There was a break below a key bullish trend line with
support at $0.4400 on the hourly chart of the ADA/USD pair (data
source from Kraken). The pair could correct lower and test the
$0.4250 support zone. Cardano Price Shows Signs of Short-Term
Weakness In the past few days, Cardano gained pace for a move above
the $0.40 resistance zone. ADA climbed above the $0.420 and $0.4250
resistance levels, like Bitcoin and Ethereum. It even cleared the
$0.450 resistance and tested $0.4650. A high was formed at $0.4680
and the price is now correcting gains. There was a move below the
$0.4450 and $0.4400 support levels. There was a break below a key
bullish trend line with support at $0.4400 on the hourly chart of
the ADA/USD pair. A low was formed at $0.4359 and the price is
stuck in a range. ADA price is now trading above $0.4320 and the
100-hourly simple moving average. If there is another upward move,
the price might face resistance near the $0.4465 zone and the 50%
Fib retracement level of the downward move from the $0.4568 swing
high to the $0.4359 low. The first resistance is near $0.450. The
next key resistance might be $0.4650. If there is a close above the
$0.4650 resistance, the price could start a strong rally. In the
stated case, the price could rise toward the $0.4880 region. Any
more gains might call for a move toward $0.500. Downside Correction
in ADA? If Cardano’s price fails to climb above the $0.4465
resistance level, it could start a downside correction. Immediate
support on the downside is near the $0.4360 level. The next major
support is near the $0.4250 level. A downside break below the
$0.4250 level could open the doors for a test of $0.4050. The next
major support is near the $0.400 level. Technical Indicators Hourly
MACD – The MACD for ADA/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now
below the 50 level. Major Support Levels – $0.4360 and $0.4250.
Major Resistance Levels – $0.4465 and $0.4650.
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