Cardano ADA Signals Fresh Rally With 100 Being The Key: Analysis

Cardano ADA Signals fresh rally as the price declined towards the $0.1300 before correcting higher, much as BTC did. Now, ADA has to clear the $0.1500 resistance and the 100 SMA to start a new increase as we are reading more in the latest Cardano ADA news.

ADA remained well bid above the $0.1300 level and corrected higher against the US Dollar with the price struggling to clear the $0.1500 resistance and the 100 simple moving average with a major bearish trend line forming with resistance near the $0.1500 on the 4-hour charts of the ADA/USD pair. The pair could start a new rally if it manages to clear above the $0.1500 and the $0.1540 level. over the past few days, Cardano’s price corrected gains from $0.1500 and the price broke the $0.1450 support level while settling below the 100 simple moving average.

The drop gained pace below the $0.1400 level but the bulls were able to defend the support zone formed at $0.1300. A new low is formed close to the $0.1305 and the price is now rising, with a break above the $0.1350 and the $0.1400 resistance level. ADA’s price climbed above the 23.6% fib retracement level from the recent decline at $0.1688 swing high to $0.1305 swing low. However, the price is having a hard time clearing the $0.1500 resistance and the 100 simple moving average.

There’s also a major bearish trend line forming with the resistance close to the $0.1500 on the 4-hour charts of the pair. The new trend line is close to the 50% fib retracement level of the decline at the $0.1688 swing high to the $0.1305 swing low. breaking above the trend line with a follow-up move above the 100 SMA could mean a new rally is preparing. Cardano ADA signals a fresh rally towards the $0.1780 level.

If Cardano’s price fails to clear the resistance at $0.1500, there’s a risk of another drop. The initial support is near the $0.1400 level with the main support forming close to the $0.1300 level. more losses could lead the price to the breakdown zone and key purchase area of $0.1200 in the near-term.  The 4-hour MACD for the pair is struggling to gain pace in the bullish zone while the 4-hour RSI is below the 50 levels. The major support levels are set at $0.1400, $0.1300 and $0.1200.