Cardano Price Analysis: ADA Faces Key Resistance Near $0.4740
Cardano (ADA) price is gradually moving lower from the $0.520 zone, facing key hurdles along the way. The price is currently trading below $0.500 and the 100 simple moving average (4 hours), indicating a bearish trend in the short term.
Key Bearish Trend Line Forms at $0.4740
- Cardano saw a steady decline from the $0.520 resistance zone in recent days.
- ADA price dipped below $0.500 and $0.4950, entering a bearish zone.
- A key bearish trend line is forming with resistance at $0.4740 on the 4-hour chart of the ADA/USD pair.
Support and Resistance Levels
- The bulls are showing activity near the $0.450 zone and the 61.8% Fib retracement level.
- Immediate resistance is near $0.4740, followed by the 100 simple moving average (4 hours) and a trend line.
- If the price breaks above $0.500, a strong rally could be initiated.
Potential Upside and Downside Scenarios
- If Cardano’s price fails to surpass the $0.4740 resistance level, it could continue its downward trend.
- Immediate support lies near $0.450, with a major support level at $0.4280.
- A break below $0.4280 might lead to a test of $0.40 and potentially $0.3880.
Technical Indicators for ADA
- 4-hour MACD shows increasing momentum in the bearish zone.
- 4-hour RSI is below the 50 level, indicating a bearish sentiment.
Key Price Levels for Cardano
- Major Support Levels: $0.4500, $0.4280, and $0.4000.
- Major Resistance Levels: $0.4740, $0.5000, and $0.5200.
Hot Take: ADA Stalls at $0.4740 Resistance, Downside Momentum Persists
As Cardano struggles to break above the key resistance level at $0.4740, the bearish trend continues. With immediate support near $0.450, ADA may face further losses if it fails to hold above this level. Keep a close eye on the technical indicators for potential price movements in the coming sessions.
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