Altcoins
Can Cardano catch up with other Altcoins?
Cardano (ADA) is struggling to initiate a further rise above the $0.500 resistance zone. ADA needs to stay above the $0.480 support to begin a decent upward move.
- ADA price is struggling to gain bullish momentum above the $0.50 area.
- The price is trading above $0.480 and the 100 hourly simple moving average.
- A key bullish trendline is forming with support near $0.480 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could gain bullish momentum if the close is above $0.500.
Cardano price remains supported
Over the past few days, Cardano has launched a recovery wave from the $0.4620 area but is lagging behind. Bitcoin And Ethereum. ADA price broke above the $0.4750 and $0.480 levels to enter a short-term bullish zone.
The price even climbed above $0.50, but it failed to continue rising. A high was formed at $0.510 and there was a recent downward correction. The price fell below the $0.4980 support. It fell below the 23.6% Fib retracement level of the upward move from the $0.4614 low to $0.510 low.
Cardano is now trading above $0.480 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $0.480 on the hourly chart of the ADA/USD pair. The trendline is near the 61.8% Fibonacci retracement level of the upward move from the $0.4614 low to $0.510 low.
On the upside, immediate resistance is near the $0.4980 area. The first resistance is near $0.510. The next key resistance could be $0.5250. If there is a close above the $0.5250 resistance, the price could begin a strong move higher. In the indicated case, the price could increase towards the $0.5450 region. Any further gains may require a move towards $0.5650.
Another decline of the ADA?
If Cardano price fails to rise above the $0.4980 resistance level, it could begin a further decline. Immediate support on the downside is near the $0.450 level.
The next major support is near the $0.480 level. A downside break below the $0.480 level could open the door to a test of $0.4620. The next major support is near the $0.450 level.
Technical indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Key support levels – $0.4850, $0.4800 and $0.4620.
Major resistance levels – $0.4980, $0.5100 and $0.5250.