ADA Price Prediction – Can Cardano Bulls Overcome This Key Hurdle?

by

As a researcher with experience in analyzing cryptocurrency markets, I believe that Cardano (ADA) is making an attempt to break above the resistance zone at $0.4500. The price action is noteworthy as it has already surpassed the crucial $0.4350 and $0.4420 levels, indicating a potential shift in market sentiment.

As an analyst, I would express it this way: “I observe Cardano (ADA) making an attempt to surge past the $0.4500 resistance level. A potential bullish trend for ADA may emerge if it manages to surpass the 100 Simple Moving Average (SMA) on the Hourly chart.”

    ADA price is slowly moving high above the $0.450 zone.
    The price is trading below $0.480 and the 100 simple moving average (4 hours).
    There was a break above a key bearish trend line with resistance at $0.4580 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
    The pair could gain bullish momentum if there is a clear move above $0.470.

Cardano Price Attempts Fresh Increase

Over the past week, Cardano has bounced back from its slump at the $0.4180 mark, similar to Bitcoin and Ethereum‘s recent uptrends. The price of ADA has surpassed the resistance levels at $0.4350 and $0.4420, placing it in a favorable position for short-term growth.

The price of ADA against the US dollar surpassed the 23.6% Fibonacci retracement level in its downward trend from $0.5227 to $0.4180. Additionally, there was a breach above a significant bearish trendline with resistance at $0.4580 on the ADA/USD 4-hour chart.

Currently, Cardano’s price hovers around $0.480 mark and falls below the 4-hour Simple Moving Average (SMA) line of $0.480. On the positive side, potential resistance levels can be found at the $0.4650 region and the same 4-hour SMA line.

As an analyst, I’ve identified two significant levels of resistance in the current market context. The first one lies around $0.470 or at the 50% Fibonacci retracement level following our recent price decline from $0.5227 to $0.4180. Moving forward, a potential next hurdle could be located at $0.4980. Should we manage to break above this resistance level in our future trading sessions, there’s a good chance that the price will initiate a powerful rally.

ADA Price Prediction – Can Cardano Bulls Overcome This Key Hurdle?

Based on my analysis of the current market situation, if the price continues to trend upward, it may reach the $0.5250 mark. Should further gains occur, I would anticipate a potential shift towards the $0.5650 region.

Another Decline in ADA?

As a researcher studying the cryptocurrency market, I’ve observed that if Cardano’s price is unable to surpass the $0.470 resistance level and the 100 simple moving average (SMA) on the 4-hour chart, there’s a possibility of another price decrease. In case of such an event, the initial support for Cardano could be found around the $0.450 mark.

If we move forward, the next significant level of resistance lies around $0.4350. A decline below this mark might lead us to revisit $0.4180. Further down, at approximately $0.3880, you’ll find the next substantial support level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.4500, $0.4350, and $0.4180.

Major Resistance Levels – $0.4700, $0.4980, and $0.5250.

Read More

2024-05-09 07:34