$ADA Price Prediction – Can Cardano Bulls Overcome This Key Hurdle?
Cardano (ADA) is currently striving for an upward movement beyond the $0.4500 resistance area, aiming to gather bullish momentum upon settling above the 100 Simple Moving Average (SMA) on the 4-hour chart.
ADA's price is rising above $0.450 but faces resistance at $0.480 and the 100 SMA (4 hours). A significant breakthrough occurred above a key bearish trend line at $0.4580 on the 4-hour ADA/USD chart from Kraken.
For Cardano to gain bullish traction, a decisive breach above $0.470 appears crucial.
Cardano Price Seeks Renewed Upswing
- In recent days, Cardano rebounded from the $0.4180 support, mirroring Bitcoin and Ethereum's recovery. ADA surpassed barriers at $0.4350 and $0.4420, indicating short-term bullishness. Additionally, it broke above the 23.6% Fibonacci retracement level and a key bearish trend line resistance at $0.4580 on the 4-hour ADA/USD chart.
- Presently, Cardano is positioned beneath $0.480 and the 100 SMA (4 hours). Immediate resistance lies around the $0.4650 zone and the 100 SMA (4 hours).
- The key resistance lies at $0.470, coinciding with the 50% Fibonacci retracement level from the recent swing high to low. A decisive close above $0.4980 could trigger a strong rally, targeting $0.5250 and possibly $0.5650.
Potential Decline in ADA?
- Failure to surmount the $0.470 resistance level & the 100 SMA (4 hours) could prompt another downward move for Cardano. Immediate support awaits near $0.450, followed by the $0.4350 level.
- A breach beneath $0.4350 could usher in a test of the $0.4180 support. Subsequently, the $0.3880 level emerges as the next significant support zone.
Technical Indicators
- 4-hour MACD – ADA/USD's MACD is displaying waning momentum within the bearish territory.
- 4-hour RSI (Relative Strength Index) – The RSI for ADA/USD has climbed above the 50 level.
- Major Support Levels – $0.4500, $0.4350, and $0.4180.
- Major Resistance Levels – $0.4700, $0.4980, and $0.5250.
Source - newsbtc.com
