The gains could be retraced by Cardano (ADA), but the bullish trend continues. 😮

Cardano Price Analysis: ADA Faces Resistance Near $0.4465

Recently, Cardano’s price surged and tested the $0.4565 resistance level. The price action indicates that ADA is currently facing resistance near the $0.4465 level.

Here is a breakdown of the recent price movement and potential support and resistance levels:

Bullish Momentum Pushes ADA Above $0.40

Cardano saw a bullish momentum in the past few days, leading to a move above the critical $0.40 resistance zone. The price climbed above key resistance levels such as $0.420 and $0.4250, in line with the upward trend seen in Bitcoin and Ethereum.

ADA cleared the $0.450 resistance and reached $0.4650.
However, a correction followed, with the price dipping below $0.4400 and $0.4450 support levels.
A crucial bullish trend line with support at $0.4400 was breached on the hourly chart of ADA/USD.

Potential Correction Below $0.4465

Following the recent resistance faced at $0.4465, ADA might experience a downside correction. The immediate support lies near $0.4360, with a significant support level at $0.4250.

If the price breaks below $0.4250, it could test the $0.4050 mark. Further downside movement may lead to a test of the $0.400 support level.

Technical Indicators for ADA/USD

Key technical indicators for ADA/USD are as follows:

Hourly MACD: Indicates a loss of bullish momentum.
Hourly RSI: Currently below the 50 level, suggesting a bearish sentiment.

Considering the above indicators, major support levels for ADA are at $0.4360 and $0.4250, while resistance levels are at $0.4465 and $0.4650.

Hot Take: Stay Cautious with ADA’s Current Price Levels

As ADA faces resistance near $0.4465, it is crucial for you, as a crypto investor, to stay cautious with the current price levels. Keep a close eye on the support levels mentioned and monitor any potential breakout or breakdown scenarios in the coming trading sessions.