{"id":30864,"date":"2023-10-12T05:52:48","date_gmt":"2023-10-12T09:52:48","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30864"},"modified":"2023-10-12T05:52:48","modified_gmt":"2023-10-12T09:52:48","slug":"ada-price-hints-at-potential-correction-buy-the-dip","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/12\/ada-price-hints-at-potential-correction-buy-the-dip\/","title":{"rendered":"ADA Price Hints At Potential Correction, Buy The Dip?"},"content":{"rendered":"

Cardano\u2019s price started a fresh decline below $0.250. ADA is testing important support at $0.2450 and might start a recovery wave.<\/em><\/p>\n

ADA price started a fresh decline below the $0.255 and $0.250 levels against the US dollar.
\nThe price is trading below $0.250 and the 100 simple moving average (4 hours).
\nThere is a key declining channel forming with resistance near $0.2480 on the 4-hour chart of the ADA\/USD pair (data source from Kraken).
\nThe pair must stay above the $0.2420 support to start a fresh increase in the near term.<\/p>\n

Cardano\u2019s ADA Price Revisits Support<\/h2>\n

After a steady increase, Cardano failed to clear the $0.2650 resistance zone. The price formed a short-term top at $0.2668 and recently started a fresh decline, like Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

There was a drop below the $0.255 support level. Besides, there was a break below a key bullish trend line with support near $0.259 on the 4-hour chart of the ADA\/USD pair. The pair even declined below the $0.250 support and the 100 simple moving average (4 hours).<\/p>\n

A low is formed near $0.2450 and the price is now consolidating losses. Cardano is now trading below $0.250 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.248 zone.<\/p>\n

There is also a key declining channel forming with resistance near $0.2480 on the 4-hour chart of the ADA\/USD pair. The first resistance is near $0.250 or the 23.6% Fib retracement level of the downward move from the $0.2668 swing high to the $0.2450 low.<\/p>\n

<\/a><\/p>\n

Source: ADAUSD on TradingView.com<\/a><\/p>\n

The next key resistance might be $0.2560 and the 50% Fib retracement level of the downward move from the $0.2668 swing high to the $0.2450 low. If there is a close above the $0.256 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.285 resistance zone.<\/p>\n

More Losses in ADA?<\/h2>\n

If Cardano\u2019s price fails to climb above the $0.250 resistance level, it could continue to move down. Immediate support on the downside is near the $0.245 level.<\/p>\n

The next major support is near the $0.242 level. A downside break below the $0.242 level could open the doors for a sharp fresh decline toward $0.220. The next major support is near the $0.200 level.<\/p>\n

Technical Indicators<\/p>\n

4 hours MACD \u2013 The MACD for ADA\/USD is losing momentum in the bearish zone.<\/p>\n

4 hours RSI (Relative Strength Index) \u2013 The RSI for ADA\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.245, $0.242, and $0.220.<\/p>\n

Major Resistance Levels \u2013 $0.250, $0.255, and $0.285.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Cardano\u2019s price started a fresh decline below $0.250. ADA is testing important support at $0.2450 and might start a recovery wave.<\/em><\/p>\n

ADA price started a fresh decline below the $0.255 and $0.250 levels against the US dollar.
\nThe price is trading below $0.250 and the 100 simple moving average (4 hours).
\nThere is a key declining channel forming with resistance near $0.2480 on the 4-hour chart of the ADA\/USD pair (data source from Kraken).
\nThe pair must stay above the $0.2420 support to start a fresh increase in the near term.<\/p>\n

Cardano\u2019s ADA Price Revisits Support<\/h2>\n

After a steady increase, Cardano failed to clear the $0.2650 resistance zone. The price formed a short-term top at $0.2668 and recently started a fresh decline, like Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

There was a drop below the $0.255 support level. Besides, there was a break below a key bullish trend line with support near $0.259 on the 4-hour chart of the ADA\/USD pair. The pair even declined below the $0.250 support and the 100 simple moving average (4 hours).<\/p>\n

A low is formed near $0.2450 and the price is now consolidating losses. Cardano is now trading below $0.250 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.248 zone.<\/p>\n

There is also a key declining channel forming with resistance near $0.2480 on the 4-hour chart of the ADA\/USD pair. The first resistance is near $0.250 or the 23.6% Fib retracement level of the downward move from the $0.2668 swing high to the $0.2450 low.<\/p>\n

<\/a><\/p>\n

Source: ADAUSD on TradingView.com<\/a><\/p>\n

The next key resistance might be $0.2560 and the 50% Fib retracement level of the downward move from the $0.2668 swing high to the $0.2450 low. If there is a close above the $0.256 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.285 resistance zone.<\/p>\n

More Losses in ADA?<\/h2>\n

If Cardano\u2019s price fails to climb above the $0.250 resistance level, it could continue to move down. Immediate support on the downside is near the $0.245 level.<\/p>\n

The next major support is near the $0.242 level. A downside break below the $0.242 level could open the doors for a sharp fresh decline toward $0.220. The next major support is near the $0.200 level.<\/p>\n

Technical Indicators<\/p>\n

4 hours MACD \u2013 The MACD for ADA\/USD is losing momentum in the bearish zone.<\/p>\n

4 hours RSI (Relative Strength Index) \u2013 The RSI for ADA\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.245, $0.242, and $0.220.<\/p>\n

Major Resistance Levels \u2013 $0.250, $0.255, and $0.285.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-30864","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=30864"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30864\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30864"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}