Cardano (ADA) Could Recover Strongly If It Smashes This Barrier

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,737,982,356,388	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,737,982,356,388

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-502.33	-0.57%	88,237.85	88,237.84	88,239.68

Price Change

Price Change %

Current Price

Bid Price

Offer

-502.33

-0.57%

88,237.85

88,237.84

88,239.68

High Price	Low Price	Open Price	Prev. Close	52 Week Range
90,100.00	85,010.00	88,482.23	88,753.66	34,758.64 - 89,666.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

90,100.00

85,010.00

88,482.23

88,753.66

34,758.64 - 89,666.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:55:27	0.025000	88,251.35	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

23:55:27

0.025000

88,251.35

USD

Price x Volume	Volume	Base Symbol	Related Pairs
4,353,716,429.96	49,485.84	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

4,353,716,429.96

49,485.84

Cardano (ADA) Could Recover Strongly If It Smashes This Barrier

09/10/2024 6:08am

NEWSBTC

Cardano price started a fresh decline below the $0.3550 zone. ADA is consolidating above $0.3400 and might attempt a recovery wave. ADA price started a downward move below the $0.3500 support level. The price is trading below $0.3520 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could continue to move down if it stays below the $0.3520 resistance zone. Cardano Price Consolidates Losses After testing the $0.3680 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.3550 and $0.3500 support levels. The price even declined below $0.3450 before the bulls appeared. A low was formed at $0.3409 and the price is now consolidating losses. There was a minor move above the $0.3450 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low. Cardano price is now trading below $0.3520 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3460 zone. There is also a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair. The first resistance is near $0.3520 or the 50% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low. The next key resistance might be $0.3550. If there is a close above the $0.3550 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.3680 region. Any more gains might call for a move toward $0.400. More Downsides in ADA? If Cardano’s price fails to climb above the $0.3550 resistance level, it could start another decline. Immediate support on the downside is near the $0.3420 level. The next major support is near the $0.3400 level. A downside break below the $0.3400 level could open the doors for a test of $0.3250. The next major support is near the $0.3120 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.3400 and $0.3350. Major Resistance Levels – $0.3460 and $0.3550.

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