Cardano is having a hard time gaining traction above the resistance level of $0.500. ADA needs to stay above the support level of $0.480 in order to begin a solid upward movement.
- ADA struggles to get a bullish price above the $0.50 area.
- Price trading is higher than $0.480, and above 100-hour simple moving average.
- The hourly chart shows a bullish line with support around $0.480. source Kraken is a good example.
- 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 You can also find out more about the following: Ethereum. ADA’s price has broken through $0.4750 & $0.480 to enter a short term bullish area.
It even spiked over $0.50 before it stalled. The price reached a peak at $0.510, and there has been a recent correction on the downside. Price fell below $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 also forming. It has support at $0.480. 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.
Above $0.4980, the immediate resistance zone is in the vicinity. First resistance near $0.510. First resistance is near $0.510. next The key resistance could be $0.5250. The price may start to rally if the resistance level 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.
It is important to note that the word “you” means “you”. next The $0.480 mark is a major level of support. The $0.4620 level may be tested if the market breaks down below the $0.480 support. The next Major support nears 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.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com