Cardano price corrects below $1.10: What’s next for ADA/USD?

2021-3-13 15:47

ADA has traded lower since reaching an all-time high of $1.48 on 27 February

Cardano’s price is restricted near a critical support level and could see further losses despite the bulls’ efforts to recover from a 5% downturn during early trading on Friday.

As of writing, ADA/USD is trading around $1.09, having bounced off lows of $1.05. However, the potential for more downsides is increasing with bulls unable to break above the $1.12 resistance zone.

If prices drop further, bears could sink ADA’s price below $1.05, with losses likely to extend towards the psychological $1.00.

On the contrary, a clear break above the stubborn barrier at $1.12 would allow for a retest of $1.20. Achieving this could invite increased buy-side pressure and see ADA/USD target its recent peak.

ADA price bearish outlook

Cardano has traded lower since rallying to an all-time high of $1.48 on 27 February. The ADA/USD pair has thus formed a descending triangle pattern on the 4-hour chart. The pair has broken below and retested the horizontal support line twice, with prices likely to continue lower.

The RSI is well below the midpoint; currently struggling for an upward slope near 38 to give bears an upper hand. The MACD is also within the bearish zone, with a suggestion that the momentum is with the sellers.

To add to the difficult task facing bulls is ADA’s price that has crossed below the 20-day exponential moving average ($1.12).

If there’s an extended sell-off, Cardano’s price could dip below the triangle’s horizontal support line. This would mean the descent might accelerate past the demand wall at $1.03, with fresh selling likely to invigorate bears.

If this happens, bears are likely to pierce the demand wall at $1.00 and sink ADA/USD to lows of $0.89.

ADA/USD 4-hour chart. Source: TradingView ADA price upside flip potential

ADA price could start a fresh upside and correct above immediate resistances near the 20-day EMA and 0.236 Fibonacci retracement level ($1.14). Above this level, buyers can target the descending trend line, with a clear break above the 0.382 Fib level at $1.20 likely to welcome fresh bids for ADA/USD.

The price might then move towards the resistance of the 0.5 Fib level ($1.25) and 0.618 Fib level ($1.31) on the 4-hour chart. Further upsides could see Cardano’s price retest the all-time peak and seek new highs above $1.50.

The post Cardano price corrects below $1.10: What’s next for ADA/USD? appeared first on Coin Journal.

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Cardano (ADA) на Currencies.ru

$ 0.7547 (+0.27%)
Объем 24H $904.213m
Изменеия 24h: -6.33 %, 7d: -3.69 %
Cегодня L: $0.7432 - H: $0.7563
Капитализация $26.568b Rank 9
Цена в час новости $ 1.0177 (-25.84%)

ada cardano usd corrects price below february

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