Cardano (ADA) Price Analysis: Bulls Facing An Uphill Task Near $0.036 - Cryptonic News

Cardano (ADA) Price Analysis: Bulls Facing An Uphill Task Near $0.036

  • ADA price followed a bullish path above $0.0320, but it faced hurdles near $0.0370 against the US Dollar.
  • It is currently correcting lower and trading below the $0.0350 level.
  • There is a key contracting triangle forming with resistance near $0.0355 on the 4-hours chart (data feed via Kraken).
  • The price could continue to move down if it breaks the $0.0340 support area.

Cardano price is currently showing signs of weakness against the US Dollar, similar to bitcoin. ADA price must surpass the $0.0360 and $0.0370 resistance levels to turn bullish.

Cardano Price Analysis

This past week, cardano price started a strong increase from the $0.0320 support area against the US Dollar. The ADA/USD pair surpassed the $0.0350 resistance to move into a positive zone.

The price even spiked above $0.0365 level and settled above the 55 simple moving average (4-hours). However, the bulls failed to remain in action and the price formed a short term top near the $0.0369 level.

As a result, there was a downside correction below the $0.0360 level. The price even traded below the 23.6% Fibonacci retracement level of the upward move from the $0.0305 swing low to $0.0369 high.

However, the $0.0340 level is currently acting as a decent support along with the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the upward move from the $0.0305 swing low to $0.0369 high is also acting as a support.

It seems like there is a key contracting triangle forming with resistance near $0.0355 on the 4-hours chart. The channel support is near the $0.0340 level, below which the price is likely to accelerate lower.

The next major support is near the $0.0320 level, where the bulls are likely to appear again. Any further losses may perhaps lead the price towards the $0.0300 support zone.

On the upside, there is a key resistance zone forming near the $0.0360 and $0.0370 levels. A successful close above the $0.0370 level is likely to start a strong upward move towards the $0.0400 barrier in the near term.

Cardano Price

Cardano Price

The chart indicates that ADA price is showing a few bearish signs below the $0.0360 and $0.0370 levels. Having said that, the price might recover and surge nicely as long as there is no daily close below $0.0320.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is struggling to gain momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now close to the 50 level.

Key Support Levels – $0.0340 and $0.0320.

Key Resistance Levels – $0.0360 and $0.0370.

News Source

Cardano (ADA) Price Analysis: Bulls Facing An Uphill Task Near $0.036 Cardano (ADA) Price Analysis: Bulls Facing An Uphill Task Near $0.036 Reviewed by Staff Reporter on April 22, 2020 Rating: 5

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