ADA Price Analysis – July 5
Cardano (ADA) is currently flashing some significant signs of weakness after failing to surmount the crucial $0.100 level.
Resistance levels: $0.110, $0.115, $0.120
Support levels: $0.085, $0.080, $0.075
At the time of writing, Cardano is trading down 3.97% at its current price of $0.096. This marks a slight decline from a daily high of $0.102 that was set yesterday. It has tried and failed on multiple occasions to surmount the intense selling pressure that exists around $0.100. It remains unclear as to whether or not it will be strong enough to break through this level anytime soon.
However, if ADA/USD decides to stay under the control of bears, any price-drop below the 9-day and 21-day moving averages may likely hit the supports at $0.085, $0.080, and $0.075. On the upside, the bulls need to push the price above the channel in order to reach the resistance at $0.110, $0.115, and $0.120 levels. Meanwhile, the technical indicator stochastic RSI moves into the overbought zone, which may likely bring more bearish signals when turns down.
Against BTC, the market is seen to be moving far above the 9-day and 21-day moving averages and within the ascending wedge channel where the price is expected to break above the channel. Should the price break above the upper boundary of the channel, then, the market may continue to experience an upward trend that could touch the nearest resistance level at 1200 SAT and above.
Meanwhile, if Cardano price crosses below the moving averages, the coin is expected to reach the support at 950 SAT and below. The RSI (14) indicator confirms that the market is moving within the overbought zone which may give more bullish signals in the nearest term.