ADA Price Analysis: Cardano On Brink Of Breaking 2 Week Channel, What’s Next?
- ADA price has been rejected at key resistance of $1.45
- ADA Price has been stuck within an ascending channel for 2 weeks
- 25 MA is acting as major support
Cardano has been stuck in a 20 cent range for nearly 2 weeks as traders can’t seem to pull off a breakout. ADA price action has turned bearish the last 2 days as Bitcoin fails to break higher. Over the last few days, many altcoins have broken out to the upside but large caps such as LTC & XRP have remained flat. If BTC cannot gain its footing above the $35,000 price region, further downside may occur for the cryptocurrency market at large.
Read More: Cardano (ADA) beats Bitcoin (BTC) & Ethereum (ETH); becomes most HOLD’d crypto
Cardano (ADA) price action is overall weak & flat ever since the low of $1.00 was recorded. Price has created an ascending channel which has provided support for the bulls and resistance for the bears. At the time of writing, price has wicked under the bottom trend of the channel which shows buyers are still in market. Failure to hold the major support of $1.35 will likely result in a downfall to the next support of $1.30. In this bear case, ADA price would have broken its 2 week trend which is not a good scenario for further revival.
ADA Price Analysis: ADA/USDT 4 Hour Chart
Even though price action has turned short term bearish, ADA has continued to hold its 25 MA. If price continues to hold this MA, there is a good setup for Cardano to have a boost to the top of its channel.
On the path there, ADA must break and hold its mid term trend line (shown in black). If this is deemed successful, the major test for the bulls lies at $1.45. A break and hold of this value will likely send ADA on a bullish trend back above $1.50.
Looking at the MACD, we can conclude the price action to be short term bearish as the MAs have crossed under the 0 value back into bearish territory. This setup can be detrimental if bulls fail to step in with strength. The Stochastic RSI is showing slight bullish bias as it has reached oversold values and is curling back to the upside. A break over the 20 value will likely send ADA back to minor resistance of $1.40.
ADA price intraday levels
- Spot rate: $1.36
- Trend: Neutral
- Volatility: Medium
- Support: $1.35
- Resistance: $1.40
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