Cardano (ADA) struggles for maintain after crashing highs – Yahoo Finance
Cardano (ADA) has been down since May 16, but is still trading above its 2018 all-time high.
It is likely that the token will revisit the long-term ascending support line and possibly the USD 1.05 area.
Long-term cardano movement
Cardano has been down since May 16 when it hit an all-time high of $ 2.46.
However, the decline served to confirm the previous all-time high resistance area of $ 1.05 as support (green icons).
As long as ADA is trading above this level, the trend can be described as bullish.
Technical indicators provide mixed characters. The MACD is still positive but has lost strength, the RSI is falling but has created a hidden bullish divergence and the stochastic oscillator has formed a bearish cross (red symbol).
The daily chart has shown rising support since February 12th. Currently the line is close to $ 1.20.
In contrast to the weekly timeframe where the indicators are undecided, the signals are decidedly bearish in the daily timeframe.
The RSI has fallen below 50, the MACD is negative and the stochastic oscillator has rejected a bullish cross.
Hence, ADA is likely to fall towards this support line.
The shorter-term chart shows that the token has already been broken by a short-term rising support line.
The next area of support is at $ 1.34. This is the level of support for the 0.618 fib retracement. This should act as some minor support ahead of the long-term rising support line outlined earlier.
The technical indicators are falling, suggesting that ADA is likely to descend on this horizontal support.
ADA / BTC
Drafting an ADA / BTC chart, cryptocurrency trader @TheEurosniper noted that due to the sizeable period of consolidation prior to the breakout, a possible new all-time high is expected.
The ADA / BTC chart looks more bullish than its USD counterpart. It recaptured the 3,800 Satoshi area and thereafter validated it as a support.
While there was a bearish divergence in the RSI, it already caused the aforementioned decline, which confirmed the 3,800 satoshi area as support.
The story goes on
Both the MACD and the stochastic oscillator are rising, which supports the continuation of the bullish move.
The next resistance is at 6,150 satoshis.
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