Cardano price started a downward correction in the $1.1780 area. ADA is undergoing consolidation and faces hurdles near the $1.180 and $1.200 levels.
- ADA price started a significant rise above the $0.910 support area.
- The price is trading above $1.050 and the 100-hour simple moving average.
- On the hourly chart of the ADA/USD pair, there is a major bearish trendline forming resistance at $1.160 (data source from Kraken).
- Breaking out of the $1.180 resistance area, the pair could begin a further rise.
Cardano price rises sharply
Cardano started a new rally like Bitcoin and Ethereum after forming a base above the $1.00 level. ADA was able to break above the $1.050 and $1.120 resistance levels.
However, the bears were actively trading below the $1.20 level. A high was formed at $1.1781 and the price is now consolidating gains. There was a slight decline below the $1.120 level. The price fell below the 23.6% Fib retracement level, rising from the $0.910 swing low to the $1.1781 high.
Cardano price is currently trading above $1.050 and the 100-hour simple moving average. On the positive side, the price may face resistance near $1.150. Additionally, on the hourly chart of the ADA/USD pair, there is a major bearish trendline forming resistance at $1.160.
The first resistance is near $1.180. The next major resistance could be at $1.20. If the price closes above the $1.2 resistance line, the price could begin a strong rebound. If indicated, the price may rise to the $1.2280 region. Any more profits may require a move towards $1.250.
Another decline in ADA?
If Cardano’s price fails to break above the $1.180 resistance level, another decline could begin. Immediate support for the downside is near the $1.10750 level.
The next major support is near the $1.050 level or the 50% Fib retracement level rising from the $0.910 swing low to the $1.1781 high. A break below the $1.050 level could open the door to a $1.00 test. The next major support is near the $0.920 level where the bulls may emerge.
technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for ADA/USD is now below the 50 level.
Key support levels – $1.070 and $1.050.
Key resistance levels – $1.160 and $1.180.