Cardano’s price is holding the $0.1000 support level and recovering higher. However, ADA must surpass $0.1085 and $0.1100 to start a fresh rally in the near term.
- ADA is facing a strong resistance near $0.1065 and $0.1085 against the US dollar.
- The price is trading nicely above the $0.1000 support and the 100 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.1100 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 $0.1085 and $0.1100.
Cardano (ADA) is Facing Hurdles
Recently, cardano’s price struggled to gain momentum (unlike bitcoin) above $0.1100 and declined sharply. ADA broke the $0.1065 and $0.1050 support levels.
The bulls were able to protect the $0.1000 support and there is no proper close below the 100 simple moving average (4-hours). A low is formed near $0.1009 and the price is currently correcting higher.
There was a break above the $0.1035 level, plus the 23.6% Fib retracement level of the recent decline from the $0.1105 high to $0.1009 low. An initial resistance is near the $0.1060 and $0.1065 levels.
