Cardano price had a strong bullish run starting in August 21 from $2.40 and managed to reach near $3 yesterday. However, ADA lost momentum after touching $2.98 and had to back down to $2.85. It was again supported at that point and climbed back to $2.92 yet once again had to halt. As of now, Cardano price is around $2.9.
Cardano Price Action Analysis
Taking a look at the 1-hour chart, we see ADA surfing on an upward trendline and is moving up. In that run, Cardano price managed to break the $2.70 and $2.80 resistance levels and approach $3. Unfortunately, by touching the $2.98 resistance it lost strength and had to back down. Therefore, Cardano price went for a correction and fell to $2.84 to $2.83 zone. In that zone, ADA yet again found support and climbed back up to $2.92.
Currently, Cardano price is inside a triangle with the top part at $2.92 and the bottom at $2.85. If it successfully breaks through the top, the bullish run will continue. For the bullish scenario, the $2.98 to $3 zone is quite important to surpass and then the $3.05 and $3.1 are expected to resist the trend.
On the other hand, if Cardano price fails to escape through the top and loses the support at the bottom at $2.85, we should expect further decline.
For the bearish scenario, the $2.83 and $2.8 are the next crucial support levels. Then, the $2.75 to $2.70 zone will be next. Any more decline can bring the price close to the $2.60 zone near the SMA100.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is taking back the upward momentum.
RSI: the 1-hour relative strength index is approximately 57.
Resistance levels: the first support level will be $2.92, Then the $2.98 to $3 zone will be next. Following that, the $3.05 to $3.1 zone will be next.
Support levels: the first support for ADA is around $2.85. Then the $2.83 to $2.8 will be the next down the line. After that, the $2.75, $2.70 and $2.60 will be next.
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