Cardano Bulls Face Crucial Test 📈🐂🚀

Cardano Price Analysis: Can ADA Break Above $0.470 Resistance?

Cardano’s price is making a slow climb above the $0.450 zone, with resistance levels to watch out for. Here’s an analysis of the current situation:

Cardano Price Attempts Fresh Increase 📈

Recently, Cardano began a recovery phase from the $0.4180 support area, following the trend of Bitcoin and Ethereum. ADA managed to break through the $0.4350 and $0.4420 levels, entering a short-term bullish territory.

A move past the 23.6% Fibonacci retracement level of the recent downtrend from $0.5227 to $0.4180 signaled a positive shift.
Furthermore, there was a crucial breakout above a bearish trend line with resistance at $0.4580 on the 4-hour ADA/USD chart.

Despite this positive momentum, Cardano is currently below $0.480 and the 100 SMA (4 hours). Key resistance points include the $0.4650 level and the 100 SMA (4 hours). Further hurdles lie at $0.470, the 50% Fibonacci retracement level, and $0.4980.

Another Decline in ADA? 📉

If Cardano fails to surpass the $0.470 resistance and the 100 SMA (4 hours), a downside move might occur. Immediate support is at $0.450, followed by significant levels at $0.4350 and $0.4180. A breach below $0.4350 could lead to a test of $0.4180, with a major support zone at $0.3880.