- ADA/USD consolidates the pullback from three-month lows on Saturday.
- Golden cross formation spotted on the hourly chart; RSI still bullish.
- Bulls are likely to regain control, eyeing a break above $0.10 mark.
Following a two-day robust recovery from three-month troughs, Cardano (ADA/USD) bulls are catching a breath this Saturday, awaiting a fresh impetus for the next push higher.
The price pulled back from just below the $0.10 level in today’s trading so far, but remained well supported above the 23.6% Fibonacci retracement level of the latest corrective move higher from multi-month lows of 0.0755 reached last Wednesday.
As we write, the bulls are trying hard to regain ground above the upward-sloping 21-hourly Simple Moving Average (HMA) at $0.0962.
A fresh advance could be fuelled above the latter, as the fierce resistance at $0.10 will be back on the buyers’ radars.
The next upside target sits just above $0.1040, the confluence of the September 4 and 5 highs.
The hourly Relative Strength Index (RSI) has turned south, currently at 54.57, still holds above the midline. The main technical formation suggesting more scope to the upside is the golden cross spotted in the last hours, with the 50-HMA having pierced above the horizontal 200-HMA.
If the tide turns against the ADA bulls following a break below the aforesaid 23.6% Fibonacci level of $0.0940, a steep drop towards the 38.2% Fibo level of the same rebound at $0.0904 cannot be ruled.
All in all, the path of least resistance appears to the upside but the bulls may have a hard time at cracking the $0.10 barrier.
ADA/USD: Hourly chart
-637367154076233187.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC bloodbath continues, near 30% down from its ATH
Bitcoin price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.
Cardano poised for double-digit drop amid market weakness
Cardano price is extending its decline by nearly 7%, trading around $0.60 on Friday after falling 23% this week. Santiment data support this decline as ADA daily active addresses are falling, and the technical outlook indicates a continued correction, with ADA potentially facing an additional double-digit decline.
XRP short-term holders dominate sell-off as whales buy the dip
XRP short-term holders dominated the selling activity during the recent market crash. XRP whales have been accumulating more tokens during the crash, adding over $1 billion worth of tokens. XRP could bounce off the lower boundary of a descending channel if it fails to hold the $1.96 support level.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP continue to sell off
Bitcoin (BTC) price continues declining on Friday after falling more than 15% this week. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and declined by nearly 24% and 21%, respectively.
Bitcoin: BTC bloodbath continues, near 30% down from its ATH
Bitcoin (BTC) price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.