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Home»EXCHANGE NEWS»Cardano (ADA) is struggling to build bullish momentum. Will he ever recover?
EXCHANGE NEWS

Cardano (ADA) is struggling to build bullish momentum. Will he ever recover?

By Crypto FlexsOctober 24, 20242 Mins Read
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Cardano (ADA) is struggling to build bullish momentum. Will he ever recover?
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Cardano price started a new decline below the $0.3550 area. ADA is consolidating above $0.3400 and may attempt a recovery.

  • ADA price started a decline below the $0.3500 support level.
  • The price is trading below $0.3550 and the 100-hour simple moving average.
  • On the hourly chart of the ADA/USD pair, a break has occurred below the main bullish trendline with support at $0.3600 (data source from Kraken).
  • A recovery could be attempted if it breaks out of the $0.3585 resistance area.

Cardano price consolidates losses

After testing $0.3685 resistance, Cardano struggled to hold higher levels. ADA, like Bitcoin and Ethereum, formed a short-term high and started a new downtrend. It has moved below the $0.3550 and $0.3500 support levels.

On the hourly chart of the ADA/USD pair, a break has occurred below the main bullish trendline with support at $0.3600. The price also fell below $0.3440 before the upward trend began. A low was formed at $0.3420 and the price is currently correcting losses. There was slight movement above the $0.3480 level.

The price cleared the 23.6% Fib retracement level of the downward move from the $0.3685 swing high to the $0.3420 low. Cardano price is currently trading below $0.3550 and the 100-hour simple moving average.

On the upside, the price may face resistance near the $0.3550 area or the 50% Fib retracement of a downward move from the $0.3685 swing high to the $0.3420 low. The first resistance is near $0.3585. The next major resistance could be at $0.3685.

If the price closes above the $0.3685 resistance line, the price could begin a strong rebound. If indicated, the price may rise to the $0.3780 region. Any more profits may require a move to $0.3950.

Another decline in ADA?

If Cardano’s price fails to rise above the $0.3550 resistance level, another decline could begin. Immediate support for the downside is near the $0.3480 level.

The next major support is near the $0.3420 level. A break below the $0.3420 level could open the door to a test of $0.3250. The next major support is near the $0.3120 level where the bulls may emerge.

technical indicators

Hourly MACD – MACD for ADA/USD is losing momentum in bearish territory.

Hourly Relative Strength Index (RSI) – The RSI for ADA/USD is now below the 50 level.

Key support levels – $0.3450 and $0.3420.

Key resistance levels – $0.3550 and $0.3685.

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