Cardano Faces Resistance Near $0.50 Zone
Cardano’s price continues to struggle to break above the $0.50 zone, despite trading above $0.480 and the 100-hourly simple moving average. The ongoing battle between bulls and bears is keeping the price range-bound, with key levels playing a crucial role in determining the next move for ADA. Here are the key highlights of Cardano’s current price action:
- ADA price is finding it challenging to gain bullish momentum above the $0.50 zone.
- The price is currently trading above $0.480 and the 100-hourly simple moving average.
- A key bullish trend line with support near $0.480 has formed on the hourly chart of the ADA/USD pair sourced from Kraken.
- The pair could potentially gather bullish momentum if there is a successful close above $0.500.
Cardano Price Remains Supported
In recent days, Cardano initiated a recovery wave from the $0.4620 zone but has been slightly behind compared to Bitcoin and Ethereum. Despite this, ADA managed to break through the $0.4750 and $0.480 levels, entering a short-term bullish zone. Although the price spiked above $0.50, it faced resistance at $0.510 and experienced a downside correction afterward. Key points to note include:
- The price trended above $0.480 and the 100-hourly simple moving average, showing signs of strength.
- A key bullish trend line with support near $0.480 has emerged on the hourly chart of the ADA/USD pair.
- Immediate resistance levels lie near $0.4980, $0.510, with a significant barrier around $0.5250.
- A close above $0.5250 could pave the way for a strong rally towards $0.5450 and potentially $0.5650.
Possible Downside Pressure
If Cardano struggles to surpass the $0.4980 resistance level, it might see another downtrend. Initial support is expected near $0.450, followed by major support at $0.480. Should the price break below $0.480, a retest of $0.4620 might be on the horizon. Technical indicators currently suggest:
- The hourly MACD for ADA/USD is showing momentum in the bearish zone.
- The hourly RSI for ADA/USD has dipped below the 50 level, hinting at a possible downside.
- Key support levels include $0.4850, $0.4800, and $0.4620.
- Key resistance levels are seen at $0.4980, $0.5100, and $0.5250.
Hot Take: ADA’s Battle with $0.50 Continues
Cardano’s struggle to break above the $0.50 zone persists, with key resistance levels capping the upside momentum. Traders are closely monitoring the price action around $0.4980 and $0.510 as crucial levels to determine the next move for ADA. The battle between bulls and bears is intensifying, and a breakout above $0.500 could signal a potential rally towards $0.5250 and beyond.
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