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Cardano (ADA) Rally Could Gather Steam Above This Key Breakout Resistance

Altcoins 2020/09/28 09:48 by Aayush Jindal

Cardano’s price rallied more than 8% and it broke the $0.1000 resistance. ADA is likely to accelerate higher once it surpasses the key $0.1050 resistance zone.

  • ADA is up over 8% and it broke the $0.1000 resistance zone against the US dollar.
  • The price is currently testing the $0.1050 resistance and trading above the 100 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $0.0872 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
  • The pair is likely to continue higher if it clears $0.1050 resistance and breakout zone.

Cardano (ADA) is Gaining Bullish Momentum

Earlier this month, cardano’s price broke the key $0.0880 level and extended its decline. ADA even broke the $0.0800 support level and traded to a new monthly low at $0.0755.

A support base is formed and the price is currently surging above $0.0880. It broke many key hurdles near $0.0950 and settled above the 100 simple moving average (4-hours). More importantly, there was a break above a crucial bearish trend line with resistance near $0.0872 on the 4-hours chart of the ADA/USD pair.

Cardano price broke the 50% Fib retracement level of the downward move from the $0.1280 high to $0.0755 low. The pair is now trading nicely above the $0.1000 resistance level.

Cardano (ADA) Price

Cardano (ADA) price surging above $0.1000. Source: TradingView.com

It is now up over 8% today, but it is facing a strong resistance near the $0.1050 level. The stated resistance coincides with the 61.8% Fib retracement level of the downward move from the $0.1280 high to $0.0755 low.

A clear break above the $0.1050 resistance level could spark a sustained upward move. The next major resistance is near the $0.1150 level, above which the bulls are likely to aim a test of the $0.1280 level.

Dips Supported?

If cardano’s price fails to clear the $0.1050 resistance, it could correct lower. An initial support on the downside is near the $0.1000 level.

The main support is now forming near the $0.0920 level and the 100 simple moving average (4-hours). A successful close below the $0.0920 support may perhaps push the price back into a bearish zone.

Technical Indicators

4-hours MACD – The MACD for ADA/USD is currently gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for ADA/USD is currently in the overbought zone.

Major Support Levels – $0.1000, $0.0950 and $0.0920.

Major Resistance Levels – $0.1050, $0.1150 and $0.1200.

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