The Cardano ADA token must move above the support at $0.114. There are several bullish indicators above the $0.114 level but the resistance at this level is incredibly steep.
Analysts have predicted that moving above this level will be followed by a slight consolidation which will take the token lower against the USD. On the other hand, failure to stay above the $0.1000 level will push the Cardano ADA token back to the already established lows at $0.0893 or $0.0828. The 50-day simple moving average which acted as a resistance a week ago has now been converted to a support level. Cardano ADA was able to seal this deal after testing this level three times.
The MACD for the Cardano ADA token has been bullish since September 25 and is continuing to gather strength. The relative strength index is not exactly bullish but it’s no longer bearish. In the next few days of trading, the Cardano ADA token must rise above the resistance at $0.109.
The next resistance after this level will be at $0.113 but the most significant resistance is at $0.1238. This $0.1238 is the rebound level because there is no other significant resistance above this level. This is the breakout level for Cardano ADA near-term. In the next few days of trading, we would know what direction the Cardano ADA token will take.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Cardano ADA Has the Potential to Bounce Back Significantly Soon
- A key Resistance at $0.1125 Must be Broken if the Token is to Move Higher Against the USD
The Cardano ADA token might not be trading at its best price but it is doing better than it was two weeks ago. Two days ago, the Cardano ADA token moved as high as $0.114 for the first time in a long time. However, the token faced bearish pressure at this level and was forced to move lower against the USD. Thankfully, there was strong support at $0.1000 which held the line preventing lower lows near-term. Since then, this support at $0.1000 has protected the token from moving back to the $0.0900 level.
Cardano ADA $0.1238
At the time of writing, the price of the Cardano ADA token was $0.106013. This means that it is down by 0.61% against the USD and down by 1.34% against Bitcoin BTC. The trading volume over a 24 hour period was $420,660,140 and the market capitalization was $3,298,340,697.
This morning, the token spiked to the $0.1069 level where it faced resistance and started recovering lower. The technical indicators show that Cardano ADA is primed for a major bullish rebound near-term.