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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.

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