As a crypto investor, I’m observing that Cardano (ADA) is dipping below the $0.500 resistance area. If ADA fails to surpass this threshold, it might trigger bearish sentiment and cause further downward movement, as long as it remains beneath the 100 Simple Moving Average (SMA) on the H4 chart.
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ADA price is slowly moving lower from the $0.520 zone.
The price is trading below $0.500 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $0.4740 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
The pair could attempt a fresh increase if the bulls remain active above the $0.4280 support.
Cardano Price Faces Key Hurdles
Over the last several days, I’ve observed Cardano experiencing a gradual drop from the $0.520 resistance point, similar to Bitcoin and Ethereum. The price of ADA dipped below the $0.500 and $0.4950 thresholds, pushing it into a bearish market.
As a researcher studying market trends, I’ve noticed that the price dipped below the 50% Fibonacci retracement level during the upward swing from the $0.4000 swing low to the $0.5201 high. It even dropped beneath the $0.4650 mark and touched $0.450 before rebounding. Currently, the price is trading below the $0.500 threshold and the 100-simple moving average on the 4-hour chart.
On the 4-hour chart of ADA/USD, a bearish trend line is emerging with a resistance level at $0.4740. The bulls appear to be making moves around the $0.450 area and the 61.8% Fibonacci retracement mark of the price increase from the $0.4000 swing low to the $0.5201 peak.
As an analyst, I’ve identified some important resistance levels for the asset in question. Firstly, there’s a significant resistance zone around $0.4740, which includes the immediate resistance, the 100 simple moving average (on a 4-hour chart), and a trend line. Following this, we have the first resistance at $0.4920, and the next potential resistance level lies around $0.500. If the price manages to close above the $0.50 resistance, it could potentially trigger a robust rally.
If the situation at hand unfolds as described, the price may trend upwards towards the $0.5250 mark. Further advances could potentially lead to a shift towards the $0.5650 level.
More Losses in ADA?
Should Cardano’s price be unable to surpass the $0.4740 resistance mark and the 4-hour 100 simple moving average, there is a strong possibility it could descend further. The support level for potential declines lies around $0.450.
As a crypto investor, I would interpret this as follows: The next significant support lies around the $0.4280 mark. A decline below this level might lead us towards testing the $0.40 mark. Subsequently, another major support can be found approximately at the $0.3880 level.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.4500, $0.4280, and $0.4000.
Major Resistance Levels – $0.4740, $0.5000, and $0.5200.
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2024-04-29 08:28