Cardano (ADA) has been in the bullish territory for a while now trading above the $0.1600 and $0.1700 levels. Although there is a connecting bearish trendline that has resistance near $0.1780 the pair is still supported above the $0.1700 level. It is above the 100-hourly SMA. However, to gain more traction, the price has to move above the $0.1800 level short-term.
ADA Price Analysis For July 25
According to the ADA price analysis by Aayush Jindal from Newsbtc, Cardano faced a bearish reaction near the resistance at $0.1800. After this, the trading pair declined trading near the $0.1609 support level. The price action formed a low at $0.1609 but it started moving upward. ADA later had a close above $0.1700 but faced a major resistance around $0.17800.
Cardano (ADA) Price Today – ADA / USD
At the time of writing ADA was correcting lower below the 23.6% Fibonacci retracement level of the last price rise from $0.1609 to $0.1781. Downside, ADA has many supports near $0.1700 and $0.1680. The 50% Fibonacci retracement of the last rise from $0.1609 to $0.1781 acted as support near $0.1700.
Cardano (ADA) Technical Analysis
The price charts show that Cardano ADA may break the resistance levels at $0.1780 and $0.1800 short-term. If it does, it may ignite an upward move which will face hurdle at $0.2000. However, if the price is to fall below the $0.1700 support, it may go as low as $0.1600.
The relative strength index is moving towards 50 and the MACD on the hourly chart is in the bullish territory. $0.1700 is the significant support is at $0.1700 and the significant resistance is $0.1800. Stay sharp during the next few trading sessions to see what the price action will be short-term. The entire cryptocurrency market is bullish so it’s safe to say that Cardano ADA will keep trading in green. Hopefully, the bullish momentum will last long enough for the price to get a boost to $0.2000 short-term to avoid a price drop below $0.1600.