ADA Price Is Primed For A Rally And Only 1 Thing Is Holding It Back
08 Febrero 2024 - 11:28PM
NEWSBTC
Cardano (ADA) is attempting a fresh increase from the $0.4720 zone.
ADA could start a fresh rally if there is a close above the $0.5350
resistance. ADA price is moving higher above the $0.500 zone. The
price is trading above $0.512 and the 100 simple moving average (4
hours). There was a break above a key bearish trend line with
resistance near $0.510 on the 4-hour chart of the ADA/USD pair
(data source from Kraken). The pair could accelerate higher if
there is a clear move above $0.535 and $0.550. Cardano Price Eyes
Fresh Increase After forming a base above the $0.4720 level,
Cardano started a fresh increase. ADA price was able to climb above
the $0.485 and $0.500 resistance levels to move into a positive
zone, like Bitcoin and Ethereum. There was a break above a key
bearish trend line with resistance near $0.510 on the 4-hour chart
of the ADA/USD pair. The bulls pushed the pair above the $0.520
resistance zone. However, the bears are now active near the $0.535
resistance zone. ADA price is now trading above $0.512 and the 100
simple moving average (4 hours). It is also above the 23.6% Fib
retracement level of the recent increase from the $0.4718 swing low
to the $0.5354 high. Source: ADAUSD on TradingView.com On the
upside, immediate resistance is near the $0.535 zone. The first
resistance is near $0.545 and $0.550. The next key resistance might
be $0.565. If there is a close above the $0.565 resistance, the
price could start a strong rally. In the stated case, the price
could rise toward the $0.600 region. Any more gains might call for
a move toward $0.620. Another Decline in ADA? If Cardano’s price
fails to climb above the $0.535 resistance level, it could start a
fresh decline. Immediate support on the downside is near the $0.520
level. The next major support is near the $0.5040 level or the 50%
Fib retracement level of the recent increase from the $0.4718 swing
low to the $0.5354 high. A downside break below the $0.5040 level
could open the doors for a test of $0.485. The next major support
is near the $0.4720 level. Technical Indicators 4 hours MACD – The
MACD for ADA/USD is losing momentum in the bullish zone. 4 hours
RSI (Relative Strength Index) – The RSI for ADA/USD is now above
the 50 level. Major Support Levels – $0.520, $0.5040, and $0.4720.
Major Resistance Levels – $0.5350, $0.550, and $0.600.
Cardano (COIN:ADAUSD)
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Cardano (COIN:ADAUSD)
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