Over the most recent trading moments, Cardano’s cryptocurrency, ADA, has pared back some of its gains, bringing it down to test a key support level at $0.4520. To engage in another round of bullish surge, ADA will need to hold fast at the $0.450 baseline.
However, ADA is facing its share of turmoil as it struggles to reclaim its bullish momentum and breach the $0.4750 zone. Currently, ADA’s trading price is ebbing below $0.460, even slipping under the radar of the 100-hourly simple moving average.
In the face of these tribulations, an optimistic sign presented itself. The ADA/USD pair managed to break free from a downward bearish trend line that had mapped its course, with resistance at $0.4570. A glimmer of hope now lies in the possibility of the pair gaining momentum if it can cement its close above the $0.4620 mark.
Meanwhile, Cardano’s fortune took a hit in the recent trading sessions, succumbing to a decline after it fell short of clearing the $0.4750 resistance. Similar to the trajectories of Bitcoin and Ethereum, ADA slid below its $0.4620 support to test its mettle at the $0.4520 key support level.
Following this, ADA bottomed out at $0.4516, eliciting a period of loss consolidation. Nevertheless, encouraging signs emerged of a feeble recovery wave cresting above the $0.4550 zone. This slight rebound was further bolstered by the break above its bearish trendline, with resistance refusing to go beyond $0.4570. The pair navigated their way up to the 23.6% Fibonacci retracement level, after declining from a high of $0.4743 to a low of $0.4516.
Cardano currently trades below $0.4620 and the 100-hourly simple moving average. The immediate resistance in sight is stationed in the vicinity of the $0.4960 zone with a resistance closer at $0.4620 or the 50% Fibonacci retracement level following ADA’s recent downward spiral.
Looking ahead, the next probable line of resistance might occur at the $0.4750 mark. If a closing above this resistance is realized, ADA could commence a vigorous rally, potentially propelling it toward the halcyon $0.50 region. Any additional gains might trigger a surge aiming for the $0.5250 mark.
If, however, ADA stumbles in its climb to that $0.4620 resistance point, it could be set for a gloomier trajectory. The immediate downside harbors support near $0.4520. A significant downtrend could then bring the ADA down to the $0.4460 vicinity. A breach below this significant support level might spur a downfall, setting the stage for a $0.4320 level test. Experts predict that ADA might find its next significant support at approximately the $0.420 mark.
Peering into the technical realm, ADA/USD’s MACD (Moving Average Convergence Divergence) appears to be receding in its bearish momentum. Furthermore, the ADA/USD’s RSI (Relative Strength Index) sits below the 50 mark, signaling a weaker bullish force. Major support stands at levels $0.4520, $0.4460 and $0.4320 while major resistance clings around the $0.4620 and $0.4750 marks.
