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Home»EXCHANGE NEWS»Cardano (ADA) may reverse course but bullish trend continues
EXCHANGE NEWS

Cardano (ADA) may reverse course but bullish trend continues

By Crypto FlexsJuly 23, 20242 Mins Read
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Cardano (ADA) may reverse course but bullish trend continues
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Cardano price extended its uptrend above the $0.4350 resistance level. ADA is currently consolidating its uptrend and is likely to drop towards the $0.4250 support level.

  • ADA price rose and tested the $0.4565 level.
  • The price is trading above $0.4320 and the 100 hourly simple moving average.
  • A major bullish trend line broke with support at $0.4400 on the hourly chart of the ADA/USD pair (data source: Kraken).
  • The pair may decline and test the support zone of $0.4250.

Cardano price shows signs of short-term weakness

Over the past few days, Cardano has gained momentum moving above the $0.40 resistance zone. Like Bitcoin and Ethereum, ADA has broken through the $0.420 and $0.4250 resistance levels.

It broke the $0.450 resistance and tested $0.4650. A high was formed at $0.4680 and the price is currently correcting its uptrend. It moved below the $0.4450 and $0.4400 support levels. It broke below the major 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 currently trading above $0.4320 and the 100-hourly SMA. If there is another uptrend, the price may face resistance near the $0.4465 area and the 50% Fib rectification level of the downtrend from the $0.4568 swing high to the $0.4359 low.

The first resistance level is near $0.450. The next major resistance level could be $0.4650. If there is a close above the $0.4650 resistance level, the price could start a strong rally. If indicated, the price could rise to the $0.4880 area. Further upside could require a move to $0.500.

ADA Downward Correction?

A downward correction may begin if Cardano price fails to break above the $0.4465 resistance level. Immediate support for the decline is near the $0.4360 level.

The next major support level is near the $0.4250 level. A drop below the $0.4250 level could open the door for a test of $0.4050. The next major support level is near the $0.400 level.

Technical indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in a bullish zone.

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

Key support levels – $0.4360 and $0.4250.

Key resistance levels – $0.4465 and $0.4650.

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