Charted: Cardano (ADA) Dives 20%, Why $0.70 Could Spark Fresh Increase

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Cardano’s price traded to a new multi-month high at $0.9860 before correcting lower. ADA declined over 20%, but it is likely to remain well bid near the $0.7000 level.

  • ADA started a strong surge and climbed above $0.9000 before correcting lower against the US dollar.
  • The price is still trading well above $0.7000 and the 100 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $0.8800 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex).
  • The pair is likely to consolidate above $0.7000 before starting a fresh increase in the near term.

Cardano (ADA) is Correcting Gains

In the past few days, cardano’s price started a steady increase above the $0.7000 resistance. ADA price even cleared the $0.8000 resistance and settled well above the 100 simple moving average (4-hours).

Finally, there was a break above the $0.9000 level, but there was no test of the main $1.00 level. The price started a downside correction (similar to bitcoin) after setting a new multi-month high at $0.9860. There was a break below the $0.9000 and $0.8800 support levels.

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There was also a break below a major bullish trend line with support near $0.8800 on the 4-hours chart of the ADA/USD pair. The pair even spiked below the $0.7200…

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