Cardano Price Analysis: Resistance at $0.35 Halts Recovery Rally
Cardano's (ADA) ongoing recovery rally hit a roadblock when it reached the $0.35 resistance zone on March 14th.
The daily chart shows that buyers failed to surpass the $0.35 barrier, and a long-wick price rejection indicates that traders are selling during price rallies. If the selling pressure persists, the ADA price is likely to continue the prior correction phase.
Despite the increasing bullishness in the crypto market, Cardano rebounded from the psychological support of $0.3. The resulting bullish reversal backed by growing volume surged the coin price by 18.45%, reaching the flipped resistance of $0.35.
However, on March 15th, the buyers tried to breach the $0.35 level again but were unsuccessful. Тhe daily candle closing below $0.35 with a long wick above the body, indicates that sellers are defending the level and may continue to pressure the price downwards.
If Cardano faces more signs of selling pressure at $0.35 in the coming days, prices are likely to turn down and retest the local support levels of $0.325 and $0.3.
On the other hand, if buyers attempt to prolong this recovery phase, the price will need a daily candle closing above $0.35. The daily RSI slope has jumped back to the midline (50%), indicating that the market sentiment is neutral.
The daily EMAs (20, 50, and 100) are accumulated near the $0.35 mark, creating a strong resistance level against buyers.
Overall, the ongoing recovery rally in Cardano’s price has halted, and the cryptocurrency is currently facing selling pressure at the $0.35 resistance level.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
