As a researcher with experience in cryptocurrency analysis, I believe that Cardano (ADA) is currently facing resistance at the $0.500 level and needs to stay above the $0.480 support to begin a significant upward move. The hourly chart shows that ADA price has been trading above this support and the 100-hourly simple moving average, with a key bullish trend line forming near $0.480.
As an analyst, I observe that Cardano (ADA) has been having a tough time pushing past the resistance at $0.500. In order for a potential uptrend to materialize, it is crucial that the price holds above the support level at $0.480.
- ADA price is struggling to gain bullish momentum above the $0.50 zone.
The price is trading above $0.480 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support near $0.480 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could gain bullish momentum if there is a close above $0.500.
Cardano Price Remains Supported
Over the past week, Cardano has bounced back from its dip at the $0.4620 mark but hasn’t kept pace with Bitcoin and Ethereum. The ADA token surmounted resistance levels at $0.4750 and $0.480, placing it in an optimistic price trend for now.
The price surged past the $0.50 mark but couldn’t sustain its rise, reaching a peak at $0.510. Subsequently, there was a reversal with the price dropping below the previous support at $0.4980. It also fell beneath the 23.6% Fibonacci retracement level – representing a significant correction point during the upward trend from $0.4614 to $0.510.
currently, Cardano is priced higher than $0.480 and the 100-hour moving average. A significant bullish trend line is emerging on the hourly chart of the ADA/USD pair, with a support level around $0.480. This trend line is not far from the 61.8% Fibonacci retracement mark of the upward price movement, which started at the $0.4614 swing low and reached a high of $0.510.
As an analyst, I’d observe that the price is currently encountering resistance in the vicinity of $0.4980. The first hurdle to surmount is at $0.510. Should we manage to break through this level, the next significant resistance lies at $0.5250. If the price manages to close above this threshold, it could initiate a robust uptrend. Consequently, potential targets for further gains would be in the region of $0.5450 and even $0.5650.
Another Decline in ADA?
As a Cardano investor, if the price of my crypto fails to break through the $0.4980 resistance point, there’s a risk of another price drop. The good news is that there’s support at around $0.450 if the market takes a downturn.
As a researcher, I’d express it this way: The next significant support lies around the $0.480 mark. A decline below this level could potentially lead us to test the $0.4620 mark. Another noteworthy support can be found close to the $0.450 level.
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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2024-05-22 06:04