Will ADA Reclaim $0.10 Mark This Time?

Pratik Chadhokar
Pratik Chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.
  • ADA has been one of the top performers on Monday’s market session with an overall gain of 4.56% upfront. 
  • The cryptoasset is strongly targeting to break above the major price level of $0.10. 
  • However, it has tried to cross above the same level on previous occasions and failed. Will it be successful this time? 

What it looks like with the positive move of around 5% gain in the current market session, ADA has never been this much close to the crucial mark of $0.10. The current price is at $0.098 with the strong bullish sentiment in the market. The market capitalization stands at $3,054,663,856 with the volume traded of $608,155,264. 

Source: coinmarketcap

The weekly price chart reflects that ADA has finally managed to revive its positive momentum in the market after facing a significant downtrend which brought the price from a bullish level of $0.105 to a low of $0.90. The crypto asset was targeting to break above the level of $0.10 from the past couple of days but was unsuccessful. Now that it has able to revive its buying volume, the altcoin may look for significant price recovery momentum if it breaks and sustains above $0.10. On the other hand, if bears make a comeback before breaking above the level, the target of $0.10 can become more unreachable for the coin. 

Cardano (ADA) Technical Analysis 

Source: tradingview

The technical chart highlights the downtrend faced by ADA which is later followed by significant price recovery action in the market. The recovery action formed a bullish falling wedge on the price candles in which the price levels later broke below 0.236Fib level. Currently, the price levels are targeting to break above 0.5fib level. However, the history of price candle movement shows that there is major resistance placed at 0.618 fib level. 

RSI levels are showing positive nature but the levels are still persisting in the normal range and require a bullish push. Currently, the level stands at 55.28 and a break above 60 will ensure he positive sustainability. 

MACD is also showcasing positive nature in the market with a bullish crossover. 

Resistance level: $0.103 and $0.105

Support level: $0.091 and $0.077

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