ADA price went down to $1.30 on December 30, but found support at this level and started a new uptrend. Following that, the price climbed as high as $1.38 but faced a strong resistance there. Yesterday, ADA price had a correction and fell down to $1.28. Once again, by reaching the support level for the broken trendline ADA did not have more decline. With that, ADA finished 2021 at $1.30. Today, Cardano surpassed the downward trendline and managed to stabilize at $1.34. At the time of writing this analysis, ADA is at $1.32.
Buy and Sell ADA anonymously on HiExchange.
ADA Price Action Analysis
Taking a look at the 1-hour chart, we see ADA failing to surpass the $1.38 level yesterday and had to back down to $1.28. At that point, the support level for the trendline kept the price from falling more. Subsequently, Cardano had another chance today to start a new uptrend and surpass $1.32. And furthermore, it managed to continue with a pullback to the broken trendline.
Currently, the $1.34 level near the 50% to 61.8% Fibonacci retracement level from the latest fall from $1.38 to $1.28 is the first resistance level. Following that, the SMA100 at $1.38 will be the next one. In case of surpassing these two, the $1.40 and $1.45will be next. On the other hand, if ADA price fails to surpass the $1.35, there could be yet another price correction. For that, the $1.30 will be a crucial support level. Further decline can bring the price down to $1.28 and $1.26.
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 49.
Resistance levels: the first support level will be $1.35 followed by $1.38. The $1.40 and $1.45 are the next resistance levels.
Support levels: the first support for ADA is at $1.32 followed by $1.30 and then $1.25.
HiExchange
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Backed by 24/7 customer support, our great reviews on OkChanger and Trustpilot is a testament of our good will. We are on Bestchange and are always amongst the top exchanges.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog
