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Home»Altcoins»Cardano (ADA) sees potential recovery: can it bounce back?
Altcoins

Cardano (ADA) sees potential recovery: can it bounce back?

2024-10-18No Comments3 Mins Read
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Cardano price started a new decline below the $0.3565 zone. ADA is consolidating above USD 0.3420 and could attempt a recovery wave.

  • ADA price started a downward move below the USD 0.3520 support level.
  • The price is trading below $0.3500 and the 100-hour simple moving average.
  • There was a break above a key bearish trendline with resistance at $0.3460 on the hourly chart of the ADA/USD pair (Kraken data source).
  • The pair could attempt a recovery wave if it breaks the $0.3520 resistance zone.

Cardano Price Consolidates Losses

After testing the USD 0.3700 resistance, Cardano struggled to hold higher. ADA formed a short-term top and started a new decline, unlike Bitcoin and Ethereum. There was a move below the USD 0.3550 and USD 0.3500 support levels.

The price even fell below $0.3450 before the bulls appeared. A low was formed at $0.3394 and the price is now consolidating losses. There was a small move above the USD 0.3420 level. The price has crossed the 23.6% Fib retracement level of the downward move from the $0.3705 swing high to the $0.3394 low.

Additionally, there was a break above a key bearish trendline with resistance at $0.3460 on the hourly chart of the ADA/USD pair. Cardano price is now trading below $0.350 and the 100-hour moving average.

On the upside, the price could encounter resistance near the $0.3515 zone. First resistance is near $0.3550 or the 50% Fib retracement level of the downward move from the $0.3705 swing high to the $0.3394 low. The next major resistance could be at $0.3620.

Cardano Prize

If there is a close above the resistance at $0.3620, the price could start a strong rally. In the mentioned case, the price could rise towards the $0.3700 region. Further gains could require a move towards $0.3880.

See also  Bitcoin enters second 'price discovery uptrend', what awaits us?

More disadvantages in ADA?

If Cardano price fails to rise above the USD 0.350 resistance level, it could trigger a fresh decline. The immediate downside support is near the $0.3420 level.

The next major support is near the $0.3400 level. A downside break below the USD 0.3400 level could open the doors for a test of USD 0.3220. The next major support is near the $0.3100 level, where the bulls could emerge.

Technical indicators

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

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

Major support levels – $0.3400 and $0.3220.

Major resistance levels – $0.3500 and $0.3550.

Source link

ADA Bounce Cardano potential Recovery Sees
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