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Cardano Technical Analysis: ADA/USD retreats after crossing $1 psychological level

  • ADA/USD bears took control this Saturday following a bearish Friday.
  • Both MACD and Elliott Oscillator shows increasing bullish sentiment.
Cardano Technical Analysis: ADA/USD retreats after crossing $1 psychological level
Rajarshi MitraRajarshi MitraIndependent Analyst

Cardano daily chart

ADA/USD daily chart

ADA/USD bears gained control of the market following a hugely bullish Friday. The price has currently gone down from $0.966 to $0.962. This Friday, the price managed intraday highs of $1.025, reaching its 2020 all-time high. However, since then, the market has been on full retreat mode. Both MACD and Elliott Oscillator shows increasing bullish sentiment.

Support and Resistance

ADA/USD faces strong resistance at $0.097. On the downside, the price has healthy support at $0.093, $0.089, $0.0829 (SMA 20) and $0.0743 (SMA 50).
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
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