Tanya Abrosimova
Independent Analyst
- Cardano (ADA) has extended the downside correction after strong growth.
- The critical support is created by the psychological $0.1000.
Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours. The coin takes the seventh place in the global cryptocurrency market with the capitalization of $2.9 billion and an average daily trading volume of $535 million.
ADA/USD: Technical picture
On the intraday charts, ADA/USD is moving along the sloping lower line of 1-hour Bollinger Band. The local support is created by a psychological $0.1100. Once it is cleared, the sell-off may be extended towards $0.1060 (1-hour SMA200). and $0.1000. As we have previously reported, this area may be a key for ADA in the short run, however, if it gives way, the sell-off may be extended towards the 50-day SMA at $0.0800.
On the upside, a sustainable move above $0.1230 is needed for the recovery to gain traction. This resistance area is reinforced by 1-hour SMA50 and followed by $0.1200.
ADA/USD 1-hour chart
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