Cardano (ADA) Fights Resistance: A New Rise?
Cardano started a downtrend from $1.325. ADA is consolidating and faces $1.20–$1.240 challenges.
ADA pulled down after failing to remain over $1.30.
The price is below $1.20 and the 100-hour SMA.
On the hourly ADA/USD chart, a negative trend line with resistance at $1.20 is formed.
The pair might rise again if it breaks $1.240 barrier.
Cardano Price May Rise
Cardano fell after battling above $1.30. After falling below $1.20, ADA underperformed Bitcoin and Ethereum. Before bulls emerged, price surged below $1.150.
The price dropped to $1.1173 before rising. Above $1.140 and $1.1550 barrier levels. The price broke the 50% Fib retracement barrier of the decline from $1.326 swing high to $1.117 low.
Bears now operate near $1.25. They preserved the bearish move's 61.8% Fib retracement from $1.326 swing high to $1.117 low.
Cardano is below $1.20 and the 100-hour SMA. Price may find resistance at $1.20 on the upside. On the hourly ADA/USD chart, a negative trend line with resistance at $1.20 is formed.
Around $1.2250 is the initial resistance. The next hurdle may be $1.2450. A closing above $1.2450 barrier might spark a powerful rise. The price might jump to $1.2780 in this situation. More advances might lead to $1.320.
Another ADA decline?
If Cardano fails to break $1.20 barrier, it might fall again. Near $1.150 is immediate downside support.
Near $1.120 is the next key support. A drop below $1.120 might challenge $1.080. The next significant support is $1.0450, where bulls may appear.
Tech Indicators
Hourly MACD in negative zone for ADA/USD.
Hourly ADA/USD RSI is below 50.
Major Support Levels: $1.120, $1.080.
Key Resistance Levels: $1.20, $1.2450.