Cardano Chart Analysis: ADA/USD recovers stalls above $0.1200

Cardano (ADA) recovered from the recent low of $0.1170 and settled above $0.1200 during early Asian hours. At the time of writing, ADA/USD is changing hands at $0.1236, down over 4% since the beginning of the day, and stayed mostly unchanged since the beginning of Friday. 

Cardano takes the 6th place in the global cryptocurrency rating with the current market capitalization of $3.2 billion and an average daily trading volume of $386 million. The coin has gained nearly 275% since the start of the year.

ADA/USD: Technical picture 

As we have previously reported, Cardano's upside momentum has faded away. A sustainable move below $0.1300 is needed to mitigate the immediate bearish pressure and bring the coin back on the recovery trend. The next resistance is $0.1360, which is th highest level reached on July 13. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.1400.

ADA/USD 1-hour chart

On the downside, once $0.1200 is broken, the sell-off is likely to gain traction with the next focus the recent low of $0.1180, followed by the psychological $0.1100 reinforced by the middle line of the daily Bollinger Band. If it is broken, the downside pressure may increase. The next support is created by $0.1000 and $0.0930 (daily SMA50).

ADA/USD daily chart