Cardano is having a hard time gaining traction above the resistance level of $0.500. ADA has to remain above the $0.480 resistance zone in order for it to make a good upward move.
- The ADA Price is unable to break above the $0.50 area.
- The 100-hour simple moving average is higher than $0.480.
- The hourly chart shows a bullish line with support at $0.480. (Data source: Kraken)
- If the pair closes above $0.5, it could be a bullish sign.
Cardano Price Remains Supported
Cardano has been lagging behind in the recovery of the last few days. Bitcoin The following are some examples of how to get started: Ethereum. ADA broke through the $0.4750 and 0.480 levels, moving into a bullish short-term zone.
Price spiked even above $0.50, but failed to go higher. The price reached a peak at $0.510, and there has been a recent correction on the downside. The price fell below the support of $0.4980. The price fell below the Fib level that represents the 23.6% retracement of the move upwards from the swing low at $0.4614 to the low at $0.510.
Cardano now trades above $0.480, and also the 100 hourly simple moving average. On the hourly chart for the ADA/USD, a bullish trendline is forming near the $0.480 support level. This trend line is near the Fib level of 61.8% retracement for the move upward from the swing low $0.4614 to the low $0.510.
The immediate resistance on the upside is located near $0.4980. First resistance near $0.510. Next, the key resistance could be at $0.5250. The price may start to rally if the resistance of $0.5250 is closed above. If the case is stated, then the price may rise towards the region of $0.5450. If there are any more gains, the price could move towards $0.5650.
A New Decline for ADA?
Cardano may begin a new decline if the price does not rise above $0.4980. The $0.450 price level is the immediate support to the downside.
Near the level of $0.480, we find our next significant support. If the level of the 0.480 is breached, it could lead to a possible test at $0.4620. The nearest major support lies near the level of $0.450.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.4850, $0.4800, and $0.4620.
Major Resistance Levels – $0.4980, $0.5100, and $0.5250.
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Source: www.newsbtc.com
