⭐Can Cardano (ADA) Recover? Examining Its Recovery Potential⭐
Cardano (ADA) touched $0.4520 after reversing gains. ADA must remain above $0.450 to rise again.
ADA is battling to get over $0.4750.
The price is below $0.460 and the 100-hour SMA.
ADA/USD broke above a bearish trend line with resistance at $0.4570 on the hourly chart.
The pair may rise if it closes over $0.4620.
Cardano Price Tests Support
Cardano has fallen in recent sessions after failing to break $0.4750 barrier. ADA fell below $0.4620 and tested $0.4520 like Bitcoin and Ethereum.
The price is consolidating losses after a $0.4516 low. A modest recovery wave occurred over $0.4550. ADA/USD broke above a bearish trend line with resistance at $0.4570 on the hourly chart. The pair challenged the 23.6% Fib retracement of the latest fall from $0.4743 swing high to $0.4516 low.
Cardano is below $0.4620 and the 100-hour SMA. Resistance at $0.4960 is imminent on the upside. The 50% Fib retracement of the latest slide from the $0.4743 swing high to the $0.4516 low is approaching $0.4620, the first resistance.
The next hurdle may be $0.4750. A closing above $0.4750 barrier might spark a powerful surge. In this situation, the price may reach $0.50. More increases might lead to $0.5250.
More ADA losses?
If Cardano fails to break $0.4620 barrier, it may continue to fall. Near $0.4520 is immediate downside support.
Near $0.4460 is the next important support. A drop below $0.4460 might challenge $0.4320. Near $0.420 is the next important support.
