Cardano (ADA) Battles to Close past Crucial Resistance Level
Cardano’s ADA struggles to overpower a crucial resistance despite Bitcoin’s bounce.
ADA-USD – Bulls Battles to Reclaim
- Vital support levels – $2.2, $2.0 and $1.9.
- Vital resistance levels – $2.2, and $2.4, and $2.5.
Cardano rallied from its support zone at .618 Fibonacci ($2) on Friday. That had it breaking past the September dropping trend-line. Though the asset rose beyond the 20-day Moving Average to rally towards bearish .382 Fibonacci ($2.36) peaks, its chances to close past the level remain lower.
Cardano extended its price actions below the 20-day Moving Average during weekend sessions. That was after ADA failed to record sustainable strength beyond the MA. Keep in mind that a massive candle close above the area would signify that the token has the momentum to rise towards its September peaks.
ADA/USD Near-Term Price Forecast
For now, ADA’s initial resistance stands at $2.22 (20-day Moving Average), followed by bearish .382 Fibonacci ($2.36), bearish .5 Fibonacci, and 50-day Moving Average ($2.50), and bearish .618 Fibonacci ($2.65). Meanwhile, Cardano has its first support at $2.20.
The following ones are .618 Fibonacci ($2.0), 100-day Moving Average ($1.95), 1.414 Fibonacci extension ($1.88) and $1.80. The daily Relative Strength Index coils under the midline, showing that the recent bearish strength is leaving the market.
ADA-BTC – Bears Push Under .5 Fibonacci Support
- Vital support levels – 4,350 BTC, 4,220 BTC, and 4,000 BTC
- Vital resistance levels – 4,500 BTC, 4,700 BTC, and 5,000 BTC
ADA plunged under its critical support near 4,700 BTC (.5 Fibonacci) on Sunday before continuing to lose momentum below the 100-day Moving Average and 4,500 BTC. The crypto kept its movements within a descending channel since touching the 6,000 BTC resistance early in September.
Initially, the altcoin claimed support of around 4,800 BTC and failed to maintain the area during the weekend. The channel’s lower angle might serve as support with further plummets.
ADA/BTC Near-Term Price Forecast
The pair has its initial critical support at .618 Fibonacci (4,350 BTC), followed by 1.272 Fibonacci extensions and channel’s lower angle (4,220 BTC), 4,000 BTC, and 200-day Moving Average (3,825 BTC).
Nevertheless, ADA/BTC’s first resistance is at 4,500 BTC. The following ones are 4,700 BTC, 5,000 BTC, and 50-day Moving Average (5,300 BTC). At the same time, the RSI sinks under the midline, suggesting magnifying bearish pressure.