Cardano (ADA) Could Retrace Gains, Yet the Bullish Trend Persists

2024-7-18 08:08

Cardano price extended gains above the $0.4350 resistance. ADA is now consolidating gains and might correct lower toward the $0.4250 support.

ADA price climbed higher and tested the $0.4565 zone. The price is trading above $0.4320 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $0.4400 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could correct lower and test the $0.4250 support zone. Cardano Price Shows Signs of Short-Term Weakness

In the past few days, Cardano gained pace for a move above the $0.40 resistance zone. ADA climbed above the $0.420 and $0.4250 resistance levels, like Bitcoin and Ethereum.

It even cleared the $0.450 resistance and tested $0.4650. A high was formed at $0.4680 and the price is now correcting gains. There was a move below the $0.4450 and $0.4400 support levels. There was a break below a key bullish trend line with support at $0.4400 on the hourly chart of the ADA/USD pair.

A low was formed at $0.4359 and the price is stuck in a range. ADA price is now trading above $0.4320 and the 100-hourly simple moving average. If there is another upward move, the price might face resistance near the $0.4465 zone and the 50% Fib retracement level of the downward move from the $0.4568 swing high to the $0.4359 low.

The first resistance is near $0.450. The next key resistance might be $0.4650. If there is a close above the $0.4650 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4880 region. Any more gains might call for a move toward $0.500.

Downside Correction in ADA?

If Cardano’s price fails to climb above the $0.4465 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.4360 level.

The next major support is near the $0.4250 level. A downside break below the $0.4250 level could open the doors for a test of $0.4050. The next major support is near the $0.400 level.

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 – $0.4360 and $0.4250.

Major Resistance Levels – $0.4465 and $0.4650.

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Источник: newsbtc.com

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