September 30, 2022

Cardano Price Analysis: ADA Bulls Loosing Steam, Struggling At $1.3 Resistance

2 min read

ADA/USD – – ADA Trades Inside Ascending Price Channel

Secret Support Levels: $1.23, $1.18, $1.12.
Secret Resistance Levels: $1.30 – – $1.32, $1.40,

$1.45. ADA is up 22 % since rebounding from support at $1.05 nine days back. From there, the cryptocurrency established a rising price channel as it broke above the 200-day MA and the 2-day MA.

ADA is now having a hard time to close above the $1.30 resistance and utilizes the lower angle of the ascending price channel as assistance. $1.30 supplied strong assistance at the start of July and, for that reason, is supplying strong resistance today.

If $1.30 is penetrated, ADA is likely to drive greater inside the rate channel on the way up toward $1.50.

ADA/USD Daily Chart. Source: TradingView. ADA-USD Short Term Price Prediction Looking ahead, the very first resistance lies at

$1.30. The 50-day MA sits partially above$1.30 at $1.32. Above this, resistance lies at $1.40 (upper angle of the rate channel), $1.45(100-day MA), and $1.50 (bearish.382 Fib). On the other side, the first support lies at $ 1.23 (lower angle of cost channel 20-day MA). Below this, support lies at $ 1.18(200-day MA ), $ 1.12 (.618 Fib ), and $ 1.05. The everyday RSI is at the midline as indecision looms within the market

. Although the bearish momentum has vanished, the bulls are failing to establish any continual momentum. ADA/BTC – ADA Breaks Descending Price

Channel. Key Support Levels: 3200 SAT, 3130 SAT, 3000 SAT.
Secret Resistance Levels: 3450 SAT, 3650 SAT, 3800 SAT.

ADA is resisting BTC as it battles to maintain 3200 SAT assistance. The cryptocurrency was trading inside a descending price channel but broke beneath the lower angle on Tuesday.

ADA is now trading at 2.5-month lows against BTC as the bearish momentum continues to dominate here. A break beneath 3200 SAT is likely to drive ADA back towards the 200-day MA at 2750 SAT.

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ADA/BTC Daily Chart. Source: TradingView. ADA-BTC Short Term Price Prediction

Moving forward, the very first assistance lies at 3200 SAT. This is followed by 3130 SAT (downside 1.414 Fib Extension) and 3000 SAT. Below 3000 SAT, strong support lies at 2750 SAT, offered by the 200-day MA.

On the other side, the first resistance lies at 3450 SAT. This is followed by 3650 SAT (20-day MA) and 3800 SAT (50-day MA).

The everyday RSI is well below the midline as the bears hold complete control of the marketplace momentum. However, the Stocahstic RSI is primed for a bullish crossover which might see some bullish pressure getting in the marketplace.