🔥🔥🔥 Can #cardano ($ADA ) Bounce Back? A Closer Look at Its Recovery Potential
Cardano (ADA) retraced its gains and tested the $0.4520 support level, with a need to maintain above $0.450 to resume upward movement.
ADA struggles to surpass the $0.4750 zone, trading below $0.460 and the 100-hourly simple moving average. Despite this, it broke a bearish trend line with resistance at $0.4570 on the hourly chart of ADA/USD from Kraken.
For bullish momentum, ADA must close above $0.4620. Conversely, failure to breach this resistance could lead to further downside.
Following a failure to clear the $0.4750 resistance, ADA dipped below $0.4620 and tested key support at $0.4520, forming a low at $0.4516. The price is consolidating losses, with a minor recovery above $0.4550. Immediate resistance lies near $0.4620, followed by $0.4750. Failure to breach $0.4620 may lead to further losses, with support at $0.4520 and $0.4460, followed by $0.4320 and $0.420. Technical indicators show MACD losing momentum in the bearish zone and RSI below 50.
Source - newsbtc.com
