Cardano Falls But Bulls Keep Falling Wedge In Tact
-ADA falls -25% the last week
-Price currently sits at major support zone
-50 MA has held price down the last 2 weeks
Cardano has been one of the strongest coins the last few months as the market has tumbled. Price is still up nearly 5000% from its low in March of 2020. The majority of alt coins are only still up 1000%-2500%. This is very impressive as ADA continues to make strides towards becoming a better version of Ethereum. Once the market turns bullish again, ADA will likely see a large rise past $2.
Throughout the last few months, Cardano has formed a bullish falling wedge pattern. Even with the large drop the last week, ADA is still within this pattern. ADA must break over its current resistances of $1.09 & $1.15. If bulls manage to pull this off, ADA must then break over its 50 MA. This MA has held ADA down for a few weeks and a break above will likely set the stage for a clear path out of its falling wedge pattern.
At the time of writing, ADA is sitting on its major support zone found at $0.98-$1.03. If bears continue controlling price & push ADA below this zone, it will likely be in for a large fall under $1. If this occurs, ADA will then be out of its falling wedge pattern in a bearish manner. We can expect price to bounce at $0.90 or $0.84.
While looking at the RSI, we can see strength just had a sweep into the oversold territory below the 30 value. Strength has created a descending channel formation and it must break its top trend line to experience a large pump. The Stochastic RSI has just bounced out of oversold territory which shows some bulls are still buying up the dip.
ADA intraday levels
Spot rate: $1.05
Trend: Bearish
Volatility: High
Support: $1.03
Resistance: $1.09
-Price currently sits at major support zone
-50 MA has held price down the last 2 weeks
Cardano has been one of the strongest coins the last few months as the market has tumbled. Price is still up nearly 5000% from its low in March of 2020. The majority of alt coins are only still up 1000%-2500%. This is very impressive as ADA continues to make strides towards becoming a better version of Ethereum. Once the market turns bullish again, ADA will likely see a large rise past $2.
Throughout the last few months, Cardano has formed a bullish falling wedge pattern. Even with the large drop the last week, ADA is still within this pattern. ADA must break over its current resistances of $1.09 & $1.15. If bulls manage to pull this off, ADA must then break over its 50 MA. This MA has held ADA down for a few weeks and a break above will likely set the stage for a clear path out of its falling wedge pattern.
At the time of writing, ADA is sitting on its major support zone found at $0.98-$1.03. If bears continue controlling price & push ADA below this zone, it will likely be in for a large fall under $1. If this occurs, ADA will then be out of its falling wedge pattern in a bearish manner. We can expect price to bounce at $0.90 or $0.84.
While looking at the RSI, we can see strength just had a sweep into the oversold territory below the 30 value. Strength has created a descending channel formation and it must break its top trend line to experience a large pump. The Stochastic RSI has just bounced out of oversold territory which shows some bulls are still buying up the dip.
ADA intraday levels
Spot rate: $1.05
Trend: Bearish
Volatility: High
Support: $1.03
Resistance: $1.09
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.