ADA price found support on December 20 at $1.20 and started a new uptrend. It surpassed the $1.25, $1.33 and $1.37 resistance levels but failed to move any further. With a price correction, ADA fell all the way down to $1.30 and finally found support there. Following that, the price climbed back up to $1.36 today but once again failed to break through. At the time of writing this article, ADA price is at $1.32.
ADA Price Action Analysis
Taking a look at the 1-hour chart, we see ADA has managed to escape from the top of the triangle pattern at $1.26 and continue upwards all the way up to $1.37. At that point however, by touching the resistance level for the downtrend, it had to back down. And so, today ADA fell down to $1.3 which is near the 50% Fibonacci retracement level and found support.
Currently, the $1.35 is considered to be the first resistance level for Cardano. In case of a successful breakthrough, the $1.37, $1.40 and $1.45 will be the next resistance levels for the price.
On the other hand, if ADA price fails to surpass the $1.35 and lose the $1.3 support level, we should expect further decline.
For the bearish scenario, the SAM100 at $1.27 is the crucial support level followed by $1.25 at the broken trendline.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is on a downward momentum.
RSI: the 1-hour relative strength index is approximately 53.
Resistance levels: the first support level will be $1.35 followed by $1.37. The $1.40 and $1.45 are the next resistance levels.
Support levels: the first support for ADA is at $1.30 followed by $1.27 and then $1.25.
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