ADA/USD price 0.618 Fibonacci retracement levelIt maintains an overall bullish sentiment, hovering above . Bitcoin (BTC)recently dropped below $60,000 and Cardano (ADA) negatively impacted many major altcoins, including
Important Technical Levels
- ADA price is struggling to stay above the 0.618 Fibonacci level.
- The daily RSI remains bullish for ADA price.
- The intraday trading volume on the ADA price was around $3.1 billion, which represents a 3.29% increase.
Reaching an all-time high in September, Cardano (ADA) had increased its price by as much as $3. Following this rise, the price started to retreat moderately. The price dropped to the 0.618 Fibonacci level and even after retesting this support several times, the price was still struggling to start a decent rally. Today, however, ADA price is currently located at key support, which has a strong combination of some key technical levels.
The Relative Strength Index is currently at 37, which indicates that the current sentiment for ADA is still ‘bearing’. However, this chart also indicates a bullish divergence in ADA price, signaling a positive turnaround among market participants.
ADA/USD: 4-Hour Time Chart
ADA price seems to have taken a ‘break’ at the moment according to technical data. ADA is positioned above a key support level and is slightly bullish with the ‘hidden divergence’ on the RSI chart.
ADA traders should be patient right now and keep watching the price for a while. If the ADA price receives sufficient demand from this level, traders can start a long again and also be in an excellent position to stop loss.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.