Can Cardano (ADA) Reclaims This Resistance and Gain Bullish Momentum?
June 19 2024 - 1:28AM
NEWSBTC
Cardano (ADA) extended losses and tested the $0.360 zone. ADA is
now rising and might attempt to clear the $0.400 resistance zone.
ADA price remained in a bearish zone and settled below $0.40. The
price is trading below $0.400 and the 100-hourly simple moving
average. There is a connecting bullish trend line forming with
support at $0.3760 on the hourly chart of the ADA/USD pair (data
source from Kraken). The pair could gain bullish momentum if there
is a close above $0.400. Cardano Price Remains In Negative Zone In
the past few days, Cardano started a downward move like Bitcoin and
Ethereum after it failed to clear the $0.450 resistance. ADA dipped
below the $0.400 support and tested the $0.360 zone. A low was
formed at $0.360 and the price is now correcting losses. There was
a minor recovery wave above the $0.3750 zone. The price climbed
above the 50% Fib retracement level of the downward move from the
$0.4204 swing high to the $0.3600 low. There is also a connecting
bullish trend line forming with support at $0.3760 on the hourly
chart of the ADA/USD pair. However, the price faces many hurdles on
the upside. ADA is still trading below $0.400 and the 100-hourly
simple moving average. On the upside, immediate resistance is near
the $0.3980 zone or the 61.8% Fib retracement level of the downward
move from the $0.4204 swing high to the $0.3600 low. The first
resistance is near $0.400. The next key resistance might be $0.410.
If there is a close above the $0.410 resistance, the price could
start a strong rally. In the stated case, the price could rise
toward the $0.4250 region. Any more gains might call for a move
toward $0.450. Another Decline in ADA? If Cardano’s price fails to
climb above the $0.400 resistance level, it could start another
decline. Immediate support on the downside is near the $0.3850
level. The next major support is near the $0.380 level and the
trend line. A downside break below the $0.380 level could open the
doors for a test of $0.3650. The next major support is near the
$0.360 level. Technical Indicators Hourly MACD – The MACD for
ADA/USD is gaining momentum in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for ADA/USD is now above the 50
level. Major Support Levels – $0.3850, $0.380, and $0.360. Major
Resistance Levels – $0.400 and $0.4250.
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