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Home»EXCHANGE NEWS»Cardano (ADA) Uptrend Faces Hurdles: Will the Bulls Break the Barriers?
EXCHANGE NEWS

Cardano (ADA) Uptrend Faces Hurdles: Will the Bulls Break the Barriers?

By Crypto FlexsDecember 13, 20242 Mins Read
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Cardano (ADA) Uptrend Faces Hurdles: Will the Bulls Break the Barriers?
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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.

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