coinputin.com – Cardano’s (ADA) price fell seriously to $ 0.1300 before making a higher correction, similar to Bitcoin. ADA later recovered and was trading at $ 0.138 at the time of writing. According to analyst Aayush Jindal, the island needs to clear $ 0.1500 and $ 100 SMA (H4) to start a strong increase.
Cardano continued to struggle to rise above the $ 0.1300 level and rose against the US dollar. Price struggles to clear $ 0.1500 resistance and 100 Simple Moving Average (4 hours). On the 4-hour chart of the ADA/USD pair, there is a large downward trend line with resistance close to $ 0.1500. If there is a net break of $ 0.1500 and above $ 0.1540, the pair are likely to start a new rally.
Cardano (ADA) shows positive signs
Cardano price has broken the support level of $ 0.1450 over the past few days and has fallen below the 100 Simple Moving Average (4 hours). The decline accelerated below the $ 0.1400 level, but the bulls managed to defend the $ 0.1300 support zone.
On the 4-hour chart of the ADA/USD pair, there is a large downward trend line with resistance around $ 0.1500. The Trend line is close to the 50% Fib retreat level of the recent decline. A successful break above the Trend line and a follow-up move above the 100 Simple Moving Average (4 hours) could open the doors for a new rally. The next main resistance is close to $ 0.1780.
Will there be a new decline?
Analyst Jindal had said yesterday that if Cardano’s price failed to exceed trend-line resistance and $ 0.1500, it would risk a new downgrade. Likewise, that’s what happened. ADA has depreciated by about 6% in the last 24 hours. The main support is currently forming near the $ 0.1300 level. Further losses could drive the price into the fracking zone and a significant buying area of $ 0.1200 in the near term.
4-hour MACD: the MACD for ADA/USD is trying to gain momentum in the bull zone.
4-hour RSI (relative strength index): for ADA/USD, the RSI is just below 50.
Major support levels: $ 0.1300 and $ 0.1200.
Main resistance levels: $ 0.1400, $ 0.1500, $ 0.1540 and $ 0.1700.