Monday, March 1, 2021

Cardano Price: Resistance ADA Price Needs To Clear For a Fresh Rally

The price of Cardano’s native token ADA has clearly surged beyond the $0.088 support level but needs to break above $0.098 and $0.100 to print a major rally.

In the past few days, the price of Cardano (ADA), the 10th largest cryptocurrency by market capitalization, has followed a bearish path from above $0.105.

The price of the digital token further settled below the $0.100 support and 100 simple moving average. The price dip further gained momentum below the $0.095 support level before the resurgence of the bulls around the $0.088 price level.

Read Also: Crypto Analyst Identifies the Key Level XRP Must Attain To Print Its Long-Awaited Bull Run

Cardano Price: Resistance ADA Must Huddle To Boost of a Fresh Rally

Source: ADAUSD on Trading View

A new monthly low is formed near $0.0882 and the price is currently correcting higher. It recovered above the $0.0920 and $0.0935 levels.

It is also of note that there is a crucial bearish trend line forming with resistance near $0.0960 on the 4-hours chart of the ADA/USD pair.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $0.0999 high to the $0.0882 low.

A break above the trend line resistance and $0.096 could push the price towards the next key resistance at $0.100 and 100 simple moving average.

In order to continue the positive trend, ADA price must break and maintain its footing above the $0.100 resistance level.

The next notable resistance levels stand at $0.1072 and $0.1120. At the time of writing, ADA is trading at $0.094855, with a 0.64% price uptrend in the last 24 hours.

Read Also: Cardano (ADA) You Keep On Crypto Exchanges Don’t Belong To You –User Buttresses His Viewpoint

Possible Trend for Cardano (ADA) Price

There is a possibility for a fresh decline if Cardano (ADA) fails to break above $0.0960 and $0.1000 resistance levels. Considering the current price of ADA, its initial support is near $0.092.

The main support is currently forming near $0.0900 and $0.0880. So, a clear break below $0.0880 support level may initiate a price plunge towards $0.0820.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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