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Cardano (ADA) Struggles to Sustain Gains—Is the Uptrend in Trouble? Cardano (ADA) Struggles to Sustain Gains—Is the Uptrend in Trouble?

Cardano (ADA) Struggles to Sustain Gains—Is the Uptrend in Trouble?

Cardano price started a fresh rally above the $0.70 zone. ADA is now correcting gains and struggling to start another increase above $0.780.

  • ADA price started a fresh rally above the $0.70 and $0.720 levels.
  • The price is trading above $0.720 and the 100-hourly simple moving average.
  • There is a key bullish trend line forming with support at $0.750 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could start another decline if it trades below the $0.7150 support zone.

Cardano Price Climbs Above $0.70

After forming a base above the $0.650 level, Cardano started a fresh rally beating Bitcoin and Ethereum. ADA was able to clear the $0.70 and $0.720 resistance levels.

It even surged above the $0.80 level. A high was formed at $0.8204 and the price is now correcting gains. There was a move below the $0.80 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.6512 swing low to the $0.8204 high.

However, the bulls are now active near the $0.7550 zone. There is also a key bullish trend line forming with support at $0.750 on the hourly chart of the ADA/USD pair.

Cardano price is now trading above $0.7550 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.780 zone. The first resistance is near $0.800. The next key resistance might be $0.820.

If there is a close above the $0.820 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.9150 region. Any more gains might call for a move toward $1.00 in the near term.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.80 resistance level, it could start another decline. Immediate support on the downside is near the $0.750 level and the trend line.

The next major support is near the $0.7150 level or the 61.8% Fib retracement level of the upward move from the $0.6512 swing low to the $0.8204 high. A downside break below the $0.7150 level could open the doors for a test of $0.650. The next major support is near the $0.6250 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.7500 and $0.7150.

Major Resistance Levels – $0.8000 and $0.8200.

Source link

Aayush Jindal

https://www.newsbtc.com/analysis/ada/cardano-ada-struggles-0-750/

2025-02-12 05:08:01

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