ADA price failed to surpass $1.25 on April 4th and had to back down. With that, Cardano lost the key support level at $1.20 and entered a bearish phase. Subsequently, the price lost $1.15 and $1.10 and dipped all the way down to $1 today. However, by touching the support level for the trendline, it managed to stabilize. Currently, ADA is trading at $1.02.
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ADA Price Action Analysis
Taking a look at the 4-hour chart, we see ADA price losing a key support level and dipping below the SMA100. By moving below $1.20, ADA entered a bearish phase and forming a falling wedge pattern. Following that, Cardano is currently ranging between the top and bottom of this pattern. Yesterday, Cardano touched the bottom and the SMA100 at $1.07 and fell as low as $1 today.
At this point, the $1 is a critical support level for the price. In case of providing good support, ADA price will make another attempt to escape from the top. For this scenario, the $1.05 to $1.07 will be the first resistance level for the price. In case of a successful breakthrough, Cardano can move all the way up to $1.10. Following that, the $1.15 and $1.20 will be the next resistance levels for Cardano.
On the other hand, if ADA price fails to surpass $1.07 and subsequently loses the $1 support, the decline will continue. For the bearish scenario, the $0.95 will be the next support level. Further decline can bring Cardano as low as $0.90 and $0.85.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for ADA is on an upward momentum.
RSI: the 1-hour relative strength index is approximately 40.
Resistance levels: the first support level will be $1.7 followed by $1.10. The $1.15 and $1.20 will be the next resistance levels.
Support levels: the first support for ADA is at $1 followed by $0.95. and then $0.90 and $0.85.
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