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- With the introduction price correction activity on Wednesday’s trading session, Cardano also faced negative momentum
- ADA reclaimed the crucial price level of $0.10 after many attempts and with the help of the overall market conditions
- The ADA/BTC pair is performing negative with a loss of -1.45% bringing the current level to 0.00000967 BTC
Cardano was able to capitalize on the overall bullish sentiment which was generated from the starting of this month. The bullish move of the cryptoasset can be justified with the break above the crucial price level of $0.10. However, with the comeback of price correction activity on Wednesday’s market session, the sustainability over the price level of $0.10 is slightly getting into doubt.
The weekly price chart involves the break above the price level of $0.10 made by ADA and reached the peak point of $0.113 getting closer to the resistance level of $0.115. The CMP is at $ 0.110 with the market capitalization of $ 3,441,402,291 and 24-hour volume traded of $735,746,093. The crypto asset must sustain above the price level of $0.10 for not losing its positive gained momentum and can reach new levels for the month further ahead in the market.
Technical Levels Condemns Long Stay For Price Corrections Activity
The technical chart of ADA focuses on the downtrend faced during September which also formed a bullish falling wedge pattern including immediate price recovery action made by the coin. However, the sustainability over the recovery action was not so good and the price levels fell below 0.236fib level. With the build-up of bullish sentiment in the overall market conditions from the start of this month, ADA price levels broke above 0.382, 0.5, and 0.618fib levels respectively reflecting the magnitude of the positive move. Currently, it is facing resistance which is placed at 0.786 fib level.
Both Relative strength index and commodity channel index are showcasing negative nature but still sustaining the bullish levels. The current level of RSI is 62.00 whereas CCI is standing at 76.67.
The directional movement index is still showcasing bullish signals as ADX(31.03) remains above +DI(28.08). However, we can expect a crossover between ADX and +DI further ahead in the market.
Can ADA Sustain Above $0.10?
Looking at the overall market conditions and technical levels for ADA, the bulls can avoid any further downfall below the price level of $0.10. As BTC and ETH are gradually arriving at their respective support level of $11,200.00 and $380.00, we can expect the overall market conditions to bounce back.
RESISTANCE LEVEL: $0.115
SUPPORT LEVEL: $0.100
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Mr. 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 has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
