Cardano

Bitcoin

Rally

Resistance

<a href="https://yellow.com/asset/ada">Cardano</a> initiated a downward correction after hitting the $1.325 mark, revealing its current struggle between the $1.20 and $1.240 levels. Despite strong performance earlier, ADA faces significant hurdles in its path. 
After failing to maintain a position above $1.30, ADA <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-battles-resistance-1-20/">started</a> to retreat. It now trades below $1.20, sitting under the 100-hourly simple moving average. A bearish trend line develops, with resistance seen at $1.20 on the ADA/USD hourly chart from Kraken. Yet, a surge could occur if ADA bypasses the $1.240 resistance zone. 
Following a struggle above $1.30, ADA’s correction sees it underperform against Bitcoin and Ethereum, dropping under $1.20. It even briefly fell below $1.150 before a resurgence happened, forming a low at $1.1173. A fresh uptick began with ADA climbing past $1.140 and $1.1550 resistance zones. ADA conquered the 50% Fibonacci retracement level from the $1.326 peak to the $1.117 trough. 
Nevertheless, bear activity is evident near the $1.25 range, guarding the 61.8% retracement from the descent between $1.326 and $1.117. Currently, ADA trades under $1.20, with the 100-hour moving average looming overhead. Resistance is expected around $1.20, reinforced by a bearish trend line on the hourly ADA/USD chart. 
Initial resistance is poised at $1.2250, with another checkpoint at $1.2450. A close above this level could ignite a rally, potentially driving ADA to the $1.2780 mark. Continued gains might propel the price to $1.320. 
Failure to breach the $1.20 resistance could spark another downturn for ADA. Initial support lies around $1.150. Further support is expected at $1.120. A dip below this threshold could prompt tests of lower levels near $1.080 and $1.0450, where bulls may reappear. 
The hourly MACD for ADA/USD remains active in bearish territory. In parallel, the hourly RSI falls below the 50 mark. Key support zones rest at $1.120 and $1.080, with major resistance thresholds at $1.20 and $1.2450.

Cardano Approaches Critical Price Level: Technical Analysis Points to Potential Rally

Yellow News

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