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 π
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? π
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.
Technical Indicators π
- 4-hour MACD β ADA/USD’s MACD shows weakening bearish momentum.
- 4-hour RSI β The RSI for ADA/USD is now above the 50 mark.
Keep an eye on the major support levels at $0.4500, $0.4350, and $0.4180, while resistance levels to watch include $0.4700, $0.4980, and $0.5250.
Source: ADAUSD on TradingView.com
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