Cardano (ADA) Could Retrace Gains, Yet the Bullish Trend Persists

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	11,774,136,381	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

11,774,136,381

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.000265	0.20%	0.133755	0.133753	0.133783

Price Change

Price Change %

Current Price

Bid Price

Offer

0.000265

0.20%

0.133755

0.133753

0.133783

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.134711	0.133381	0.13349	0.13349	0.071373 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.134711

0.133381

0.13349

0.071373 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	19:04:02	1,108.70	0.133755	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

19:04:02

1,108.70

0.133755

USD

Price x Volume	Volume	Base Symbol	Related Pairs
349,364.43	2,610,526.15	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

349,364.43

2,610,526.15

Cardano (ADA) Could Retrace Gains, Yet the Bullish Trend Persists

18/07/2024 6:08am

NEWSBTC

Cardano price extended gains above the $0.4350 resistance. ADA is now consolidating gains and might correct lower toward the $0.4250 support. ADA price climbed higher and tested the $0.4565 zone. The price is trading above $0.4320 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $0.4400 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could correct lower and test the $0.4250 support zone. Cardano Price Shows Signs of Short-Term Weakness In the past few days, Cardano gained pace for a move above the $0.40 resistance zone. ADA climbed above the $0.420 and $0.4250 resistance levels, like Bitcoin and Ethereum. It even cleared the $0.450 resistance and tested $0.4650. A high was formed at $0.4680 and the price is now correcting gains. There was a move below the $0.4450 and $0.4400 support levels. There was a break below a key bullish trend line with support at $0.4400 on the hourly chart of the ADA/USD pair. A low was formed at $0.4359 and the price is stuck in a range. ADA price is now trading above $0.4320 and the 100-hourly simple moving average. If there is another upward move, the price might face resistance near the $0.4465 zone and the 50% Fib retracement level of the downward move from the $0.4568 swing high to the $0.4359 low. The first resistance is near $0.450. The next key resistance might be $0.4650. If there is a close above the $0.4650 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.4880 region. Any more gains might call for a move toward $0.500. Downside Correction in ADA? If Cardano’s price fails to climb above the $0.4465 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.4360 level. The next major support is near the $0.4250 level. A downside break below the $0.4250 level could open the doors for a test of $0.4050. The next major support is near the $0.400 level. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.4360 and $0.4250. Major Resistance Levels – $0.4465 and $0.4650.

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