Cardano’s price is correcting higher from the $0.0880 support. Bitcoin price is surging, but ADA must climb above $0.0980 and $0.1000 to start a strong rally.
- ADA extended its decline towards the $0.0880 support before correcting higher against the US dollar.
- The price is now testing the $0.0950 resistance and it is well below the 100 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $0.0960 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
- The pair is likely to start a fresh rally if there is a clear break above $0.0960 and $0.1000.
Cardano (ADA) is Facing Significant Resistance
In the past few days, cardano’s price followed a bearish path from well above $0.1050. ADA price even settled below the $0.1000 support level and the 100 simple moving average (4-hours).
The decline gained pace below the $0.0950 support level before the bulls appeared near the $0.0880 level. A new monthly low is formed near $0.0882 and the price is currently correcting higher. It recovered above the $0.0920 and $0.0935 levels.
There was a clear break above the 50% Fib retracement level of the downward move from the $0.0999 high to $0.0882 low. The price is now facing a strong resistance near the $0.0955 and $0.0960 levels.
<img alt="Cardano
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