ADA price went down to $1.30 on December 30, but found support at this level and started a new uptrend. Following that, the price climbed as high as $1.38 but faced a strong resistance there. Yesterday, ADA price had a correction and fell down to $1.28. Once again, by reaching the support level for the broken trendline ADA did not have more decline. With that, ADA finished 2021 at $1.30. Today, Cardano surpassed the downward trendline and managed to stabilize at $1.34. At the time of writing this analysis, ADA is at $1.32.

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ADA Price Action Analysis

Taking a look at the 1-hour chart, we see ADA failing to surpass the $1.38 level yesterday and had to back down to $1.28. At that point, the support level for the trendline kept the price from falling more. Subsequently, Cardano had another chance today to start a new uptrend and surpass $1.32. And furthermore, it managed to continue with a pullback to the broken trendline.

Currently, the $1.34 level near the 50% to 61.8% Fibonacci retracement level from the latest fall from $1.38 to $1.28 is the first resistance level. Following that, the SMA100 at $1.38 will be the next one. In case of surpassing these two, the $1.40 and $1.45will be next. On the other hand, if ADA price fails to surpass the $1.35, there could be yet another price correction. For that, the $1.30 will be a crucial support level. Further decline can bring the price down to $1.28 and $1.26.

The Technical Indicators

MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is taking back the upward momentum.

RSI: the 1-hour relative strength index is approximately 49.

Resistance levels: the first support level will be $1.35 followed by $1.38. The $1.40 and $1.45 are the next resistance levels.

Support levels: the first support for ADA is at $1.32 followed by $1.30 and then $1.25.


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