Cardano Price Needs to Burst Through the $1.2 Wall, Else Tumble Down Heavily Below $1!

Cardano price after huge strife has regained the levels above $1 and also has surpassed $1.2 levels. However, the recent slash has dragged the price from $1.22 levels to $1.15 and continued until it smashed $1.11 levels. Further, the price flipped a little and reached $1.14 levels at the moment. Despite the interim bullish momentum, the asset is hovering within the bearish clouds and may pull a massive leg down to retest the buy zone around $0.97. 

Cardano (ADA) Price Analysis

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  • The ADA price underwent a parabolic recovery slicing through the important resistance levels which are currently acting as a strong support
  • With the recent plunge, the ADA price broke down below the uptrend line and visited the first support at $1.11, but ignited a solid flip at these levels
  • However, the bears still appear pretty active and probably drag the price towards the second support very close to $1 at $1.03. If failed to hold here, then plunging below $1 to hit the strong support around $0.97 is imminent
  • Conversely, the possibility of the asset rebounding strongly emerges as the asset may have completed the extreme bullish pattern of ‘Cup n Handle; and is on the verge to explode.

Cardano (ADA) Technical Analysis(Short-Term)

Indicators Value  Action
Relative Strength Index(RSI) 46.6 Neutral
MACD -0.011 Sell
Average Directional Index(ADX) 37.80 Buy
Average True Range(ATR)  0.014 Less Volatile

Pivotal Levels

Moving Average (MA)-50:- $1.17

Moving Average (MA)-200:- $1.16

Resistance :- $1.162

Support:- $1.105

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