Bitcoin
A$ 80,752
WINkLink
A$ 0.0008396
Ethereum
A$ 5,561.4

Charted: Cardano (ADA) Holds Key Support, Why It Could Rally Above $1.22

Cardano’s price recovered sharply from the $1.050 support zone. ADA is likely to continue higher if it clears the main $1.220 resistance zone in the near term.

  • ADA is showing a lot of positive signs above the $1.150 pivot level against the US dollar.
  • The price is trading nicely above $1.165 and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $1.218 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
  • The pair is likely to start a strong increase if there is a clear break above $1.220.

Cardano (ADA) is Holding Gains

After a steady decline, cardano’s price remained stable above $1.000. ADA price traded as low as $1.038 before it started an upside correction. There was a decent increase above the $1.080 and $1.110 resistance levels.

The price even surged above the $1.150 level and the 100 simple moving average (4-hours). The bulls pushed the price above the $1.220 resistance. A high was formed near $1.287 and the price is currently correcting lower.

There was a break below the $1.220 and $1.200 support levels. ADA even traded below the 23.6% Fib retracement level of the upward move from the $1.038 swing low to $1.287 high. It is now trading nicely above $1.165 and the 100 simple moving average (4-hours).

Cardano (ADA)

Source: ADAUSD on TradingView.com

It seems like there is a major support forming near $1.165. The 50% Fib retracement level of the upward move from the $1.038 swing low to $1.287 high is also near $1.165. Besides, there is a key bearish trend line forming with resistance near $1.218 on the 4-hours chart of the ADA/USD pair.

If there is an upside break above the $1.200 and $1.220 resistance levels, the price could start a strong increase. In the stated case, the price could rise steadily towards the $1.280 and $1.335 levels.

Fresh Decrease?

If cardano’s price fails to clear the $1.200 and $1.220 resistance levels, it could start a fresh decline. The key breakdown support is forming near the $1.165 and $1.150 levels.

A downside break below the $1.150 level could open the doors for a fresh decline towards $1.050. The next major support is near the $1.000 level.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is slowly losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is now approaching the 50 level.

Major Support Levels – $1.165, $1.150 and $1.050.

Major Resistance Levels – $1.200, $1.220 and $1.280.

Related Posts

Leave a Reply

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Donate To Cryptonic Australia


Donate BTC: 1MPYuHUKm3AhNivMSngqLnoEbpNEecHeEK
Donate Doge: DDYybw7H8zx8EYU74JrGW8WwmYh9AGuyMC
Donate WinK: TDiXutqKE3P17LpZMQh3SDBCGSkAC6iEjB




Misplaced Bitcoins Assist
October 27, 2021
Breaking Down The Bitcoin Binance Flash Crash By The Second
October 27, 2021
Cardano, Solana Lead Altcoins As Market Sees Report Inflows
October 26, 2021




Misplaced Bitcoins Assist
October 27, 2021
Breaking Down The Bitcoin Binance Flash Crash By The Second
October 27, 2021
Cardano, Solana Lead Altcoins As Market Sees Report Inflows
October 26, 2021


CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin80,752 0.28 % 3.63 % 5.82 %
Ethereum5,561.4 0.21 % 1.52 % 7.73 %
Binance Coin640.74 0.02 % 1.31 % 1.32 %
Tether1.330 0.06 % 0.04 % 0.00 %
Cardano2.850 0.27 % 1.37 % 1.52 %
Solana268.25 0.67 % 4.09 % 29.07 %
XRP1.480 0.41 % 0.06 % 2.07 %
Polkadot59.36 0.29 % 0.66 % 7.83 %
Dogecoin0.3437 0.22 % 2.93 % 4.90 %
USD Coin1.330 0.08 % 0.19 % 0.31 %

Recent Comments

Allison wick

I was a victim of WDC Markets investment scam some months ago myself. It was...

Greatness

he is the best when it comes to recovery, he helped recover my funds without...

URL

... [Trackback] [...] There you will find 63491 more Infos: cryptonic.com.au/evaluation-suggests-bitcoin-robust-palms-are-shopping-for-this-dip/ [...]