Cardano (ADA) Faces Resistance At 10 Cents As It Recently Broke a Key Support Level

The value of Cardano (ADA) declined significantly against Bitcoin (BTC) and the US dollar. The digital currency declined and tested the $0.0844 mark against the U.S. dollar. Nevertheless, Cardano (ADA) is recovering slowly and steadily, but it is likely to face a lot of resistance on the upside close to the 10 cents mark.

Cardano (ADA) Price Today – ADA / USD

Name Price24H (%)
Cardano (ADA)
$0.077434
-1.75%

At the time of writing, Cardano (ADA) is changing hands at $0.0967 after amassing gains of about 4 percent over the past twenty-four hours. The current market cap of the digital currency is $2.51 billion and its trading volume over the past twenty-four hours is $86.14 million.

Cardano (ADA) Price Analysis And Trend

Recently, the value of Cardano (ADA) plunged massively and broke below the 10 cents support level. The digital currency even tested the 9 cents mark and formed a low at the $0.0844 mark. Later on, the value of the coin started consolidating higher and surged over its resistance at the 9 cents mark.

The coin also broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $0.1146 to the low of $0.0844. Nevertheless, the value of the digital currency is now correcting towards a vital hurdle point close to the 10 cents mark – which was initially its support level.

Also, the 50 percent Fibonacci retracement level of the previous swing from the high of $0.1146 to the low of $0.0844 is positioned close to the 10 cents mark to act as a resistance. Over the 10 cents mark, the highlighted major bearish trendline of this week is still active with resistance close to the 11 cents mark.

Hence, there are lots of hurdles on the upside close to the 10 cents and 11 cents levels. A break over the 11 cents mark could open doors for more gains towards the $0.125 mark in the short-term.

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