Master Analyst: Watch! Cardano Price Now Playing Up To These Levels

 

Cardano price traded at its monthly high of $ 0.9860 before correcting lower. According to the famous analyst Aayush Jindal, who made successful forecasts, the Cardano price has dropped more than 20%, but it is likely to continue to offer good near the $ 0.7000 level.

The Cardano price started a strong volatility and rose above $ 0.9000 before a bearish correction against the US Dollar.

The price is still trading well above $ 0.7000 and the 100 simple moving average (4 hours).

There was a break below a major bullish trend line with support near $ 0.8800 on the 4-hour chart of the ADA / USD pair (data source from Bitfinex).

The pair is likely to consolidate above $ 0.7000 before starting a new increase in the near term.

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.

There was also a break below a major bullish trend line with support near $ 0.8800 on the 4-hour chart of the ADA / USD pair. The pair even slid below the $ 0.7200 support level, but continued to bid above $ 0.7000. Currently, the ADA is trading well above $ 0.7000 and the 100 simple moving average (4 hours). A low was formed around $ 0.6919 and the price is currently recovering. ADA slid above the 23.6% Fib retracement level of the last decline from $ 0.9860 to $ 0.6919.

Here are the short term target levels for the Cardano price

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.