$ADA Price Underperforms: Can #cardano Catch Up with Other #altcoins ?

Cardano (ADA) is struggling to surpass the $0.500 resistance zone, needing to stay above $0.480 support to initiate an upward move.

Key Points:

- ADA faces difficulty gaining momentum above $0.50.

- Trading above $0.480 and the 100-hourly simple moving average.

- A key bullish trend line with support near $0.480 is forming on the hourly ADA/USD chart.

- Potential bullish momentum if ADA closes above $0.500.

Price Analysis:

- Cardano has attempted to recover from the $0.4620 zone but has lagged behind Bitcoin and Ethereum. The price surpassed $0.4750 and $0.480 levels but couldn't maintain momentum, peaking at $0.510 before correcting down to below $0.4980. Currently, ADA trades above $0.480 and the 100-hourly SMA, with a key support trend line near $0.480.

Resistance Levels:

- Immediate resistance: $0.4980.Major resistances: $0.510 and $0.5250.

- A close above $0.5250 could trigger a rally towards $0.5450 and possibly $0.5650.

Support Levels:

- If ADA fails to break $0.4980, it may decline. Support levels are $0.485, $0.480, and $0.4620. Breaking below $0.480 could test $0.4620, with major support at $0.450.

Technical Indicators:

- Hourly MACD: Bearish momentum.

- Hourly RSI: Below 50.

- Major Support Levels: $0.4850, $0.4800, $0.4620.

- Major Resistance Levels: $0.4980, $0.5100, $0.5250.

For ADA to continue its upward trend, it must hold critical support levels and break through key resistances.

Source - newsbtc.com

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