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Home»Analysis»Cardano (ADA) Struggles to Build Bullish Momentum: Will This Turn Around?
Analysis

Cardano (ADA) Struggles to Build Bullish Momentum: Will This Turn Around?

2024-10-24No Comments3 Mins Read
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Cardano price started a new decline below the $0.3550 zone. ADA is consolidating above USD 0.3400 and could attempt a recovery wave.

  • ADA price started a downward move below the $0.3500 support level.
  • The price is trading below $0.3550 and the 100-hour simple moving average.
  • There was a break below a key bullish trendline with support at $0.3600 on the hourly chart of the ADA/USD pair (Kraken data source).
  • The pair could attempt a recovery wave if it breaks the $0.3585 resistance zone.

Cardano Price Consolidates Losses

After testing the resistance at $0.3685, Cardano struggled to hold higher. ADA formed a short-term top and started a new decline, as did Bitcoin and Ethereum. There was a move below the USD 0.3550 and USD 0.3500 support levels.

There was a break below a key bullish trendline with support at $0.3600 on the hourly chart of the ADA/USD pair. The price even fell below $0.3440 before the bulls appeared. A low was formed at $0.3420 and the price is now correcting losses. There was a small move above the USD 0.3480 level.

The price has crossed the 23.6% Fib retracement level of the downward move from the $0.3685 swing high to the $0.3420 low. Cardano price is now trading below $0.3550 and the 100-hourly moving average.

On the upside, the price could face resistance near the $0.3550 zone or the 50% Fib retracement level of the downward move from the $0.3685 swing high to the $0.3420 low. The first resistance is near $0.3585. The next major resistance could be $0.3685.

Cardano Prize

If there is a close above the resistance at $0.3685, the price could start a strong rally. In the mentioned case, the price could rise towards the $0.3780 region. Further gains could require a move towards $0.3950.

See also  Toncoin's Bearish turn - what are holders until after the failed attempt?

Another drop in ADA?

If Cardano price fails to rise above the USD 0.3550 resistance level, it could trigger another decline. The immediate downside support is near the $0.3480 level.

The next major support is near the $0.3420 level. A downside break below the USD 0.3420 level could open the doors for a test of USD 0.3250. The next major support is near the $0.3120 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 – $0.3450 and $0.3420.

Major resistance levels – $0.3550 and $0.3685.

Source link

ADA Build Bullish Cardano Momentum struggles turn
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