Cardano price had a successful breakthrough surpassing the $2.20 and $2.30 in a bullish run starting two days ago. Yesterday, ADA managed to move beyond $2.35 to $2.40 zone and approach $2.60. At that point however, it lost momentum and had to settle back down to $2.4. Fortunately, Cardano price found good support and started a new bullish trend, climbing up to $2.50. Yet once again, by reaching the downward trendline lost its momentum and is currently around $2.48.
Cardano Price Action Analysis
Taking a look at the 1-hour chart, we see ADA in an upward price channel since August 10, ranging between the top and bottom. On 18 and 19th of August it found support in the bottom at $2 and started a new upward trend towards the top part. During that run, Cardano price surpassed crucial resistance levels such as the $2.35 to $2.40 zone and managed to reach $2.60. By touching that, Cardano price had to halt and is currently facing a price correction.
As of now, Cardano price is facing a resistance level of a downward trendline at around $2.50 and has support at $2.40.
For the bullish scenario, if ADA moves beyond $2.50 to $2.52 zone and stabilizes above the trendline, the bullish run will continue. For that run, the $2.58 to $2.60 zone will be the following resistance level and then the $2.60, $2.70 and $2.80 will follow.
On the other hand, if Cardano price fails to surpass $2.50, there will be a downward trend to follow.
For the bearish scenario, the $2.40 first and $2.38 second will support the price. By losing them, the 50% Fibonacci retracement level near the $2.32 to $2.30 will be the next crucial support level. Any further decline can bring Cardano price near the $2.22 and $2.20 near the SMA100.
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 52.
Resistance levels: the first support level will be $2.50 to $2.52 zone. Then the $2.58 to $2.60 zone will be next. Following that, the $2.65 and then $2.70 will be followed.
Support levels: the first support for ADA is around $2.40 to $2.38 zone. Then the $2.32 to $2.30 will be the next down the line. The important support however will be at $2.22 and then $2.20
If you are looking to exchange your ADA into Webmoney, Perfect money or PayPal, or buy ADA hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to follow our latest opinion articles, technical analysis and news, stay right here.
