Cardano’s price declined heavily towards $0.1300 before correcting higher, similar to bitcoin. ADA must clear the $0.1500 resistance and the 100 SMA (H4) to start a strong increase.
- ADA remained well bid above the $0.1300 level and corrected higher against the US dollar.
- The price is struggling to clear the $0.1500 resistance and the 100 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.1500 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
- The pair is likely to start a fresh rally if there is a clear break above $0.1500 and $0.1540.
Cardano (ADA) is Showing Positive Signs
In the past few days, cardano’s price corrected gains from well above the $0.1500 level. ADA price broke the $0.1450 support level and settled below the 100 simple moving average (4-hours).
The decline gained pace below the $0.1400 level, but the bulls were able to defend the key $0.1300 support zone. A low is formed near $0.1305 and the price is currently rising. There was a break above the $0.1350 and $0.1400 resistance levels.
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ADA price even climbed above the 23.6% Fib retracement level of the recent decline from the $0.1688 swing high to $0.1305 swing low. However, the price is struggling to clear the $0.1500 resistance and…