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Home»Analysis»Cardano (ADA) sees momentum for its next big move
Analysis

Cardano (ADA) sees momentum for its next big move

2024-11-28No Comments2 Mins Read
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Cardano price started a consolidation phase near the $1.00 zone. ADA is holding onto gains and could target another surge above $1,050.

  • The ADA price started a new increase from the $0.8800 zone.
  • The price is trading above $0.950 and the 100-hourly moving average.
  • A major bearish trendline is forming with resistance at $1,020 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could rise again if it breaks the $1,050 resistance zone.

Cardano Price looks at fresh wave

In recent days, Cardano saw a fresh rise above the USD 0.850 resistance. ADA remained in a positive zone like Bitcoin and Ethereum. There was a move above the USD 0.880 and USD 0.9250 resistance levels.

The price surpassed the 50% Fib retracement level of the downward move from the $1.150 swing high to the $0.8696 low. It even reached the $1.00 level. However, the bears are now active near the $1,050 zone. There is also a major bearish trendline forming with resistance at $1,020 on the hourly chart of the ADA/USD pair.

The trendline is close to the 61.8% Fib retracement level of the downward move from the $1.150 swing high to the $0.8696 low. Cardano price is now trading above $0.950 and the 100-hourly moving average.

Cardano Prize

On the upside, the price could encounter resistance near the $1,020 zone. The first resistance is near $1,050. The next major resistance could be at $1.0840. If there is a close above the resistance at $1.0840, the price could start a strong rally. In the said case, the price could rise towards the $1.1500 region. Further gains could require a move towards $1.20.

See also  Top trader predicts bullish continuation for Solana after corrective move, says SOL remains in monstrous uptrend

Are dips supported in ADA?

If Cardano price fails to rise above the USD 1,050 resistance level, it could trigger another decline. The immediate downside support is near the $0.9650 level.

The next major support is near the $0.9350 level. A downside break below the USD 0.9350 level could open the doors for a test of USD 0.880. The next major support is near the $0.8450 level, where the bulls could emerge.

Technical indicators

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

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

Major support levels – $0.9650 and $0.9350.

Major resistance levels – $1.0200 and $1.0500.

Source link

ADA Big Cardano Momentum Move Sees
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