Cardano (ADA) is eyeing a fresh surge, targeting a breakout above the $0.4500 resistance zone. To gain bullish traction, ADA needs to establish a solid position above the 100-period Simple Moving Average (4 hours).
Key highlights:
- ADA price is gradually climbing above the $0.450 zone.
- Currently, the price is hovering below the $0.480 level and the 100-period Simple Moving Average (4 hours).
- The ADA/USD pair broke above a significant bearish trend line, with resistance near $0.4580 on the 4-hour chart (data source: Kraken).
- If the pair can make a decisive move above $0.470, it could spark a bullish momentum.
Cardano Price Seeks to Surge Again
In the past few days, Cardano has been in recovery mode, bouncing back from the $0.4180 zone, similar to Bitcoin and Ethereum. The ADA price successfully broke through the $0.4350 and $0.4420 levels, indicating a shift into a short-term bullish phase.
The upward move also included a break above the 23.6% Fibonacci retracement level, calculated from the $0.5227 swing high to the $0.4180 low. Additionally, on the 4-hour chart for the ADA/USD pair, there was a breakout above a significant bearish trend line, with resistance at around $0.4580.
However, Cardano is currently trading below the $0.480 mark and the 100-period Simple Moving Average (4 hours). On the upside, the first hurdle for the price is around the $0.4650 level, along with the 100-period Simple Moving Average (4 hours).
Further resistance awaits near $0.470, which corresponds to the 50% Fibonacci retracement level of the decline from the $0.5227 swing high to the $0.4180 low. Beyond this point, a key resistance zone could be around $0.4980. If ADA manages to close above $0.4980, it might ignite a strong upward rally.
In the past few days, Cardano has been in recovery mode, bouncing back from the $0.4180 zone, similar to Bitcoin and Ethereum. The ADA price successfully broke through the $0.4350 and $0.4420 levels, indicating a shift into a short-term bullish phase.
The upward move also included a break above the 23.6% Fibonacci retracement level, calculated from the $0.5227 swing high to the $0.4180 low. Additionally, on the 4-hour chart for the ADA/USD pair, there was a breakout above a significant bearish trend line, with resistance at around $0.4580.
However, Cardano is currently trading below the $0.480 mark and the 100-period Simple Moving Average (4 hours). On the upside, the first hurdle for the price is around the $0.4650 level, along with the 100-period Simple Moving Average (4 hours).
Further resistance awaits near $0.470, which corresponds to the 50% Fibonacci retracement level of the decline from the $0.5227 swing high to the $0.4180 low. Beyond this point, a key resistance zone could be around $0.4980. If ADA manages to close above $0.4980, it might ignite a strong upward rally.
Is ADA Heading for Another Decline?
If Cardano’s price doesn’t manage to break through the $0.470 resistance level and the 100-period Simple Moving Average (4 hours), it might be at risk of another downturn. The nearest support on the downside is around the $0.450 level.
Beyond this, the next significant support is around the $0.4350 level. A break below $0.4350 could pave the way for a retest of the $0.4180 zone. If the price falls further, the next key support might be at $0.3880.
Technical Indicators:
- The 4-hour MACD for ADA/USD is losing momentum within the bearish territory.
- The 4-hour RSI (Relative Strength Index) for ADA/USD is holding above the 50 mark.
Major Support Levels:
- $0.4500, $0.4350, and $0.4180
Major Resistance Levels:
- $0.4700, $0.4980, and $0.5250