Aayush Jindal: Cardano price could consolidate over $ 0.7000!
Over the past few days, Cardano price has started to rise steadily above the $ 0.7000 resistance. ADA price even cleared the $ 0.8000 resistance and settled well above the 100 simple moving average (4 hours). Finally, there was a break above the $ 0.9000 level, but no testing of the main $ 1.00 level. Cardano price started a bearish correction. Then there was a break below the $ 0.9000 and $ 0.8800 support levels.
According to the analyst, there is a major resistance formed near the $ 0.8500 level. On the same chart, there is also a linked bearish trend line around $ 0.8500. The trendline coincides with the 50% Fib retracement level of the last decline, according to the analyst. A successful break above the $ 0.8500 resistance and the trendline could start a new uptrend. The next key resistance is at $ 0.9000, according to the analyst.
If Cardano price fails to cross the $ 0.8400 and $ 0.8500 resistance levels, it could correct lower. The initial support is near the $ 0.7200 level, according to the analyst. The main support is currently forming near the $ 0.7000 level, according to the analyst. A clear break below the $ 0.7000 support zone could push the price towards the 100 simple moving average (4-hour) of $ 0.6000, according to the analyst.
Current view of the Cardano price with technical indicators
4-hour MACD: The MACD for ADA / USD is gaining momentum in the bearish zone.
4-hour RSI (Relative Strength Index): The RSI for ADA / USD is currently below the 50 level.
Major Support Levels: $ 0.7200, $ 0.7000 and $ 0.6000.
Major Resistance Levels: $ 0.8400, $ 0.8500 and $ 0.9000.
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