Is ADA Preparing for Another Run to $1.3?

Cardano price continues to decline after failing to break through significant resistance levels on both the USDT and BTC pairs charts.

However, there is still a likelihood of further increases in the coming weeks.

By Edris Derakhshi (TradingRage)

The USDT wall chart

On the daily chart of the ADA/USDT pair, the asset has gradually declined since being rejected from the key resistance level of $1.3. It is clear that a bearish trend line has been pushing the price lower on several occasions, but the $0.75 support level still holds.

Therefore, if the market is able to break the bearish trend line to the upside, another turn towards the $1.3 level and even higher could be expected.

The BTC paired chart

If we look at the ADA/BTC pair on the daily time frame, things are quite similar to the USDT pair, with one significant distinction. The market seems to have already missed the 1000 SAT level as it is consolidating below.

With price also forming a small head and shoulders pattern earlier, the market is likely to move lower towards the 200-day moving average, located around the 700 SAT mark, in the near term. This scenario would be invalidated if the price could rise again above the 1000 SAT area.

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