NewsBTC
13 December 2024
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Cardano Price Faces Resistance Near $1.180 After Recent Gains

Cardano (ADA) price is undergoing a downside correction from the $1.1780 zone, currently consolidating with resistance near $1.180 and $1.200.

  • ADA initiated an increase from the $0.910 support zone.
  • The price remains above $1.050 and the 100-hourly simple moving average.
  • A bearish trend line is forming with resistance at $1.160 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • A potential increase may occur if the price surpasses the $1.180 resistance zone.

Cardano Price Eyes Upside Break

After establishing a base above $1.00, Cardano began a fresh increase, similar to Bitcoin and Ethereum. ADA managed to break above the $1.050 and $1.120 resistance levels.

However, selling pressure emerged below the $1.20 level, with a high recorded at $1.1781. The price is now consolidating gains after a minor decline below the $1.120 level, dipping below the 23.6% Fib retracement level of the upward movement from the $0.910 swing low to the $1.1781 high.

Currently, Cardano is trading above $1.050 and the 100-hourly simple moving average. Resistance may be encountered near the $1.150 zone, with a significant bearish trend line at $1.160 on the hourly chart.

Cardano Price

The initial resistance level is at $1.180, followed by a key resistance at $1.20. A close above $1.20 could trigger a strong rally, potentially pushing the price towards the $1.2280 region. Further gains might lead to a rise toward $1.250.

Another Decline in ADA?

If Cardano's price does not exceed the $1.180 resistance level, it may begin another decline. Immediate support lies around the $1.10750 level.

Major support is located near the $1.050 level or the 50% Fib retracement level of the upward move from the $0.910 swing low to the $1.1781 high. A drop below $1.050 could lead to a test of $1.00, with subsequent support near the $0.920 level where buying interest may return.

Technical Indicators:

  • Hourly MACD: Gaining momentum in the bearish zone.
  • Hourly RSI (Relative Strength Index): Currently below the 50 level.
  • Major Support Levels: $1.070 and $1.050.
  • Major Resistance Levels: $1.160 and $1.180.