{"id":29598,"date":"2024-12-19T05:08:03","date_gmt":"2024-12-19T05:08:03","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29598"},"modified":"2024-12-19T05:08:03","modified_gmt":"2024-12-19T05:08:03","slug":"cardano-ada-eyes-recovery-key-resistance-holds-the-answer","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29598","title":{"rendered":"Cardano (ADA) Eyes Recovery: Key Resistance Holds The Answer"},"content":{"rendered":"

Cardano price started a downside correction below the $1.050 zone. ADA is consolidating and facing hurdles near the $1.020 and $1.040 levels.<\/em><\/p>\n

ADA price started a downward move below the $1.020 support zone.
\nThe price is trading below $1.00 and the 100-hourly simple moving average.
\nThere is a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA\/USD pair (data source from Kraken).
\nThe pair could start another increase if it clears the $1.020 resistance zone.<\/p>\n

Cardano Price Faces Selling Pressure<\/h2>\n

After struggling to clear the $1.120 resistance zone, Cardano started a fresh decline, like Bitcoin<\/a> and Ethereum<\/a>. ADA declined below the $1.10 and $1.050 support levels.<\/p>\n

The pair even declined below $1.00. A low was formed at $0.9151 and the price is now consolidating losses. There was a minor increase above the $0.940 resistance level. It cleared the 23.6% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low.<\/p>\n

Cardano price is now trading below $1.00 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.00 zone. The first resistance is near $1.020.<\/p>\n

There is also a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA\/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low.<\/p>\n

<\/a><\/p>\n

The next key resistance might be $1.050. If there is a close above the $1.050 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.0650 region. Any more gains might call for a move toward $1.10 in the near term.<\/p>\n

Another Decline in ADA?<\/h2>\n

If Cardano\u2019s price fails to climb above the $1.020 resistance level, it could start another decline. Immediate support on the downside is near the $0.9450 level.<\/p>\n

The next major support is near the $0.920 level. A downside break below the $0.920 level could open the doors for a test of $0.90. The next major support is near the $0.8650 level where the bulls might emerge.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for ADA\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for ADA\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.9450 and $0.9200.<\/p>\n

Major Resistance Levels \u2013 $1.020 and $1.050.<\/p>","protected":false},"excerpt":{"rendered":"

Cardano price started a downside correction below the $1.050 zone. ADA is consolidating and facing hurdles near the $1.020 and $1.040 levels. ADA price started a downward move below the $1.020 support zone. The price is trading below $1.00 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":29599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29598"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29598"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29599"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}