{"id":1864,"date":"2024-12-19T05:11:04","date_gmt":"2024-12-19T05:11:04","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/cardano-ada-eyes-recovery-key-resistance-holds-the-answer\/"},"modified":"2024-12-19T05:11:04","modified_gmt":"2024-12-19T05:11:04","slug":"cardano-ada-eyes-recovery-key-resistance-holds-the-answer","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/cardano-ada-eyes-recovery-key-resistance-holds-the-answer\/","title":{"rendered":"Cardano (ADA) Eyes Recovery: Key Resistance Holds The Answer"},"content":{"rendered":"<p><em>Cardano price started a downside correction below the $1.050 zone. ADA is consolidating and facing hurdles near the $1.020 and $1.040 levels.<\/em><\/p>\n<ul>\n<li>ADA price started a downward move below the $1.020 support zone.<\/li>\n<li>The price is trading below $1.00 and the 100-hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA\/USD pair (data source from Kraken).<\/li>\n<li>The pair could start another increase if it clears the $1.020 resistance zone.<\/li>\n<\/ul>\n<h2>Cardano Price Faces Selling Pressure<\/h2>\n<p>After struggling to clear the $1.120 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum. ADA declined below the $1.10 and $1.050 support levels.<\/p>\n<p>The pair even declined below $1.00. A low was formed at $0.9151 and the price is now consolidating losses. There was a minor increase above the $0.940 resistance level. It cleared the 23.6% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low.<\/p>\n<p>Cardano price is now trading below $1.00 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.00 zone. The first resistance is near $1.020.<\/p>\n<p>There is also a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA\/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"size-full wp-image-664803\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA_810c67.png?resize=1024%2C478\" alt=\"Cardano Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>The next key resistance might be $1.050. If there is a close above the $1.050 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.0650 region. Any more gains might call for a move toward $1.10 in the near term.<\/p>\n<h2>Another Decline in ADA?<\/h2>\n<p>If Cardano\u2019s price fails to climb above the $1.020 resistance level, it could start another decline. Immediate support on the downside is near the $0.9450 level.<\/p>\n<p>The next major support is near the $0.920 level. A downside break below the $0.920 level could open the doors for a test of $0.90. The next major support is near the $0.8650 level where the bulls might emerge.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD \u2013 The MACD for ADA\/USD is losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for ADA\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $0.9450 and $0.9200.<\/p>\n<p>Major Resistance Levels \u2013 $1.020 and $1.050.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cardano price started a downside correction below the $1.050 zone. ADA is consolidating and facing hurdles near the $1.020 and $1.040 levels. ADA price started a downward move below the $1.020 support zone. The price is trading below $1.00 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[320],"tags":[183,321,184,317,185],"class_list":["post-1864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ada","tag-ada","tag-adabtc","tag-adausd","tag-adausdt","tag-cardano"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1864"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1865"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}