As a researcher with experience in the cryptocurrency market, I’ve observed that Cardano (ADA) has corrected gains and is currently testing the $0.4520 support zone. The price action indicates that ADA must stay above this level to initiate a fresh upward move.
Cardano (ADA) corrected gains and tested the $0.4520 support zone. ADA must stay above the $0.450 support to start a fresh upward move.
- ADA price is struggling to gain bullish momentum above the $0.4750 zone.
The price is trading below $0.460 and the 100-hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $0.4570 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 $0.4620.
Cardano Price Tests Support
Over the last several interactions, Cardano experienced a decline in value after it was unable to surmount the $0.4750 resistance level. Consequently, ADA dropped beneath the significant support of $0.4620 and examined the vital floor at $0.4520, similar to Bitcoin and Ethereum.
As a crypto investor, I’ve noticed that the price of ADA dipped down to $0.4516 and formed a new low. Currently, it’s consolidating losses. After hitting a minor recovery wave, we saw some price action above the $0.4550 resistance zone. The hourly chart for ADA/USD revealed a break above a bearish trend line with a resistance level at $0.4570. The pair then tested the 23.6% Fibonacci retracement level of the recent decline, which started from the $0.4743 swing high and ended at the $0.4516 low.
Currently, Cardano’s price is under $0.4620 and below its 100-hour moving average. Looking upwards, there’s resistance at the $0.4960 area. The first notable resistance is either at $0.4620 or the 50% Fibonacci retracement mark of the recent slide from the peak of $0.4743 to the trough of $0.4516.
In the event that the next significant resistance lies at $0.4750, a break above this level could trigger a robust uptrend. Consequently, the price may advance towards the $0.50 area. Further gains might then necessitate a move up to $0.5250.
More Losses in ADA?
As a Cardano investor, if the price of my crypto fails to break through the resistance at $0.4620, there’s a risk that the value could keep declining. However, if things go south, there’s a supportive floor around $0.4520 that might prevent further losses.
If we move forward, the next significant level of support can be found around $0.4460. A decline beneath this mark might lead to a retest at $0.4320. Moving on, there’s another important support level at approximately $0.420.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.4520, $0.4460, and $0.4320.
Major Resistance Levels – $0.4620 and $0.4750.
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2024-05-29 06:05