Cardano price pace sets recovery for altcoins, drawing closer to $2.4
Cardano plunged from highs around $2.4 amid the broad-based cryptocurrency declines. The losses extended below $2 before the bulls regained balanced at $1.4. Like Bitcoin, ADA immediately started a reflex recovery where the gap to $2 was almost closed on Thursday.
Despite leading altcoins in recovery, Cardano stalled under $2 and, more specifically, at the 50 Simple Moving Average (SMA) on the four-hour chart. A correction ensued, allowing bears to come into play.
At the time of writing, ADA is doddering at $1.75 after losing the key support at $1.8, provided by the 50 SMA. Higher support is needed for the bulls to concentrate on recovery fully. However, all is not lost because short-term technical levels appear steady.
Cardano rejected at the 50 SMA, but bulls focus on $2.4
The Moving Average Convergence Divergence (MACD) on the four-hour chart has a bullish impulse. For instance, the MACD line (blue) has crossed above the signal line, insinuating that it was time to buy into Cardano.
Note that the MACD is a chart overlay indicator tracking the trend of an asset and measuring its momentum. Although it does not suggest whether an asset is overbought or oversold, the MACD helps identify positions to buy the dip or sell the bottom.
ADA/USD four-hour chart
A confirmed break above the 50 SMA will assist in guaranteeing the journey above $2 and toward the all-time high at $2.4.
However, the Relative Strength Index (RSI) has a bearish outlook, hinting at a more extended correction. As the RSI drops under the midline, overhead pressure rises; thus, jeopardizing support levels at $1.6 and $1.4.
Cardano intraday levels
Spot rate: $1.75
Support: $1.6 and $1.4
Resistance: $1.8 and $2
The post Cardano price pace sets recovery for altcoins, drawing closer to $2.4 appeared first on Coingape.
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