- ADA price rides ascending channel to key resistance
- 25 employees as support
- The channel has held the price from a major breakout
Cardano has started its revival from the June lows as the price rose nearly 45%. Cardano (ADA) is a very strong coin overall as it’s still up nearly 4000% since last year’s lows. $ 1.00 appears to be a lower bound on ADA that is close to the previous 2018 ATH. As long as Cardano can continue to climb from that low, this is a great setup for higher prices soon.
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Looking at the chart, we can see that a clearly ascending channel has held the price for the past few weeks. As long as ADA can stay within this range, the price recovery will continue at the June level. The price recently saw a rejection at its key resistance at $ 1.45.
This area has been found to be a mark where ADA will print a large pump if it breaks. That being said, price has to hold the large $ 1.36 to $ 1.39 support zone to have a chance to break through.
ADA Price Analysis: ADA / USDT 4-Hour Chart
Along with the main support zone, ADA was stopped by the 25 MA. During the past month every time the price tried to hold this mark it has failed. If this continues, ADA could test its key resistance along with a medium-term trendline that price has been stuck below for almost 6 weeks. Once the bulls manage to break both of these levels, the price will be free for a big move, with a short-term uptrend being confirmed.
Looking at the Relative Strength Index, we can see a trend line that has been respected for almost a week and a half. As long as strength can hold this trend, a push above $ 1.45 is imminent. The MACD has returned to bullish territory and is consolidating for a big move. Once the MA produces a bullish cross, the price should respond very positively.
ADA intraday level
- Spot rate: $ 1,425
- Trend: bullish
- Volatility: MediuSupport: $ 1.36
- Resistance: $ 1.45
Disclaimer of liability
The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
About the author
Domenic Fiore loves the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision of becoming an entrepreneur and wanted to be successful from a young age. Domenic has owned and operated an auto retail business since he was 16 and was part of two CBD companies through 2018 and 2019, seeing 10x returns in a few months. Then he realized there was a lot of potential and went headlong into learning what he could. He developed a great passion for technical analysis and knew this was his path to financial freedom. Over the past 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly thereafter, he wanted to help spread the word in the retail industry and help others to be successful.
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