Cardano (ADA) Eyes Recovery: Key Resistance Holds The Answer

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	403,008,557,938	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

403,008,557,938

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	12.77	0.38%	3,349.00	3,349.00	3,349.01

Price Change

Price Change %

Current Price

Bid Price

Offer

12.77

0.38%

3,349.00

3,349.01

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,372.63	3,316.89	3,323.24	3,336.23	2,080.02 - 4,109.67

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,372.63

3,316.89

3,323.24

3,336.23

2,080.02 - 4,109.67

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:33:07	0.023000	3,348.98	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:33:07

0.023000

3,348.98

USD

Price x Volume	Volume	Base Symbol	Related Pairs
39,199,487.99	11,710.99	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

39,199,487.99

11,710.99

Cardano (ADA) Eyes Recovery: Key Resistance Holds The Answer

19/12/2024 5:08am

NEWSBTC

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 at $1.015 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.020 resistance zone. Cardano Price Faces Selling Pressure After struggling to clear the $1.120 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum. ADA declined below the $1.10 and $1.050 support levels. 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. 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. 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. 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. Another Decline in ADA? If Cardano’s 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. 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. 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 – $0.9450 and $0.9200. Major Resistance Levels – $1.020 and $1.050.

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