ADA Price Analysis: ADA Defends $1, Cardano Launches Incubator Program To Support Startups in Africa

• Cardano (ADA), like the rest of the Altcoin market, is tumbling amid a widespread selloff
• At the time of publication, ADA was trading at $1.09, down 10.01% in the last 24 hours
• Input-Output Global (IOG)’s Project Catalyst has launched Ariob, an incubator scheme, in collaboration with iceaddis

Cardano (ADA), like the rest of the Altcoin market, is tumbling amid a widespread selloff, indicating a lower appetite for risk among crypto traders. At the time of publication, ADA was trading at $1.09, down 10.01% in the last 24 hours. Cardano bulls seem to be putting in strong attempts to defend the $1 mark. Input-Output Global (IOG)’s Project Catalyst has launched Ariob, an incubator scheme, in collaboration with iceaddis, a pan-African business incubator. This strategic partnership aims to accelerate the growth of projects financed by Cardano’s innovation engine, Project Catalyst, by providing start-ups with venture-building skills and resources to help them develop products that address real-world problems in Africa.

Key Levels
Resistance Levels: $1.350, $1.250, $1.180
Support Levels: $1.050, $1.000, $0.921

ADA/USD Daily Chart: Ranging

ADA/USD Daily Chart

Cardano (ADA) has had a fall following its recent ascent near the horizontal barrier of $1.180, and it is presently trading lower at $1.094. As seen on the daily chart of the ADA/USD market, the current price relative to the MA 50 is used as a trend indicator. The pair breached the MA 50 barrier level upwards at $0.960 on March 22nd and now might act as functioning support.

Although the price fell to a low of $1.060, it recovered some ground, but ADA/USD’s potential for a rebound faded when it reached $1.119. ADA is struggling to hold far above the daily MA 50 (now at $0.970), adding to market bearishness. The pattern may continue as long as spot prices remain below the MA 200.

ADA/USD 4-Hour Chart: Ranging

ADA/USD 4-Hour Chart

As the ADA cryptocurrency trades below the critical important $1.180 barrier, the pair remains vulnerable to further losses. On the lower time frame, the bearish relative strength index (RSI) indicator is currently flashing a steeper fall below the 30 lines. Bulls must keep the ADA/USD pair above the $1.075 support to avoid further selling below the critical $1.00 line.

A consistent drop below this level could indicate that the bullish trend has ended and that the price is willing to return to the range seen in the mid-Feb. 2022. The ADA/USD pair is only positive when it trades over $1.119; the primary resistance levels are $1.180 and $1.250, respectively. Sellers might test the next support at $1.00 if the ADA/USD pair falls below $1.075.

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