Cardano Price Encounters Resistance
Cardano's (ADA) price is currently consolidating after a downward correction from the $1.1780 zone. Despite showing a decent recovery, ADA is now facing resistance near the $1.180 and $1.200 levels.
ADA initiated a rise from the support zone at $0.910.
The price is trading above $1.050 and the 100-hour simple moving average.
A bearish trend line is forming on the hourly chart of ADA/USD (data source: Kraken) with resistance near $1.160.
If ADA manages to break through the resistance zone, it could trigger a further upward movement.
Cardano Price Eyes Further Growth
After forming a support base above $1.00, ADA started a new upward move, similar to Bitcoin and Ethereum. The price successfully broke through resistance levels at $1.050 and $1.120.
However, bears remain active near the $1.20 mark, which led to a peak at $1.1781, followed by consolidation. There was a slight drop below $1.120, with the price dipping under the 23.6% Fib retracement level of the move from $0.910 (swing low) to $1.1781 (high).
Currently, ADA is trading above $1.050, but resistance near $1.150 and a bearish trend line at $1.160 pose significant challenges.
Key Resistance Levels: $1.180 and $1.200.
A break above $1.200 could trigger a strong rally, potentially pushing the price toward the $1.2280 region, with further gains possibly reaching $1.250.
Risk of Downside
If ADA fails to break above the $1.180 resistance zone, it could initiate another decline.
Immediate support lies near $1.10750.
Major support is near $1.050, corresponding to the 50% Fib retracement of the move from $0.910 to $1.1781.
A drop below $1.050 could pave the way for a test of $1.00, with additional support near $0.920, where bulls might step in.
Technical Indicators
Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: The RSI for ADA/USD is below 50, indicating weaker momentum.
Key Support Levels: $1.070 and $1.050.
Key Resistance Levels: $1.160 and $1.180.
Cardano is at a critical juncture, and its future movement will depend on whether bulls can overcome key resistance levels or bears take control and push the price lower.
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