Cardano (ADA) Battles a Critical Support

Cardano Cryptocurrency News Price Analysis

ADA trades 5% lower today as it declines into the 20-day moving average line support. Currently, ADA battles the 50-day MA against BTC as it consolidates in a rising triangle.

ADA-USD – ADA on 20-d MA Support

  • Vital support levels – $1.34, $1.30 and $1.20
  • Vital resistance levels – $1.40, $1.45 to $1.50 and $1.72.

ADA has been oscillating in an upward triangle formation since June end. The altcoin saw drastic plummets in June, finding support at the 200-d MA at $1. However, ADA has bounced piercingly since then, creating a bullish triangle.

Such price moves denote an upside breakout (the reason it is a bullish triangle). However, chances of price breakdown exist as well.

In the first weeks of July, Cardano increased its efforts, attempting to break above the ascending triangle formulation. Unfortunately, the altcoin failed to break the crucial resistance at $1.48. The nearby 100-d MA further suppressed the uptrend.

Since then, ADA has declined, falling below $1.40 early today. As a result, it finds support around the lower border of the triangle, around $1.34, by the 20-d MA. The plummeting volume usually indicates an anticipated huge price fluctuation. If Cardano fails to sustain the current support levels, it might experience further drops.

ADA-USD Near-Term Price Forecast

For the coming sessions, if sellers control the market to break below the 20-d MA and tringle, ADA will find its first support around $1.30. Other levels that follow are the July lows at $1.20, .618 Fibonacci retracement ($1.12), and 200-d MA ($1.08).

Contrarily, the first resistance level lies around $1.40. After that, the crucial resistance range from $1.45 to $1.50 by the 100-d MA and the 50-d MA follow.

The RSI indicates an anticipated bearish increase as it dips below the midline once more.

ADA-BTC: ADA Battles the 50-D MA

  • Vital support levels – 4,160 SAT, 4,000 SAT, and 3,950 SAT.
  • Crucial resistance levels – 4,200 SAT, 4,400 SAT, and 4.740 SAT.

Also, ADA trades in an upward triangle against BTC. ADA/BTC battles to break above the consolidation form and trade over the 50-d MA near 4,160 SAT.

In June ending, ADA-BTC rebounded from the 3,540 SAT support, establishing another one at 3,820 SAT. During the first weeks of July, the pair bounced to hit the 50.d MA, upper border of the triangle.

The RSI indicates a weak bullish outlook at the moment.

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