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01/10/2024

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ADA Price Faces Key Hurdle, Can Cardano Surpass This To Start Fresh Rally?

Cardano (ADA) is attempting a recovery wave from the $0.4650 zone. ADA could start a fresh rally if there is a close above the $0.550 resistance. ADA price is moving higher from the $0.4650 zone. The price...

ADA Price Faces Key Hurdle, Can Cardano Surpass This To Start Fresh Rally?

Cardano (ADA) is attempting a recovery wave from the $0.4650 zone. ADA could start a fresh rally if there is a close above the $0.550 resistance.

  • ADA price is moving higher from the $0.4650 zone.
  • The price is trading below $0.570 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.545 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
  • The pair could accelerate higher if there is a clear move above $0.545 and $0.550.

Cardano Price Attempts Fresh Increase

After a strong rally, Cardano faced sellers near the $0.675 zone. ADA started a fresh decline below the $0.620 and $0.600 support levels, unlike Bitcoin and Ethereum.

There was a drop below the $0.550 support and the 100 simple moving average (4 hours). Finally, the price found support near the $0.4650 zone. The price is now attempting a fresh increase above the $0.500 resistance zone. The price tested the 23.3% Fib retracement level of the downward move from the $0.6768 swing high to the $0.4650 low.

ADA is now trading below $0.570 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.545 on the 4-hour chart of the ADA/USD pair.

On the upside, immediate resistance is near the $0.532 zone. The first resistance is near $0.545 and $0.550. The next key resistance might be $0.570 or the 50% Fib retracement level of the downward move from the $0.6768 swing high to the $0.4650 low.

Cardano Price ADA

Source: ADAUSD on TradingView.com

If there is a close above the $0.570 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.620 region. Any more gains might call for a move toward $0.650.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.545 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.500 level.

The next major support is near the $0.465 level. A downside break below the $0.465 level could open the doors for a test of $0.432. The next major support is near the $0.420 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.500, $0.465, and $0.432.

Major Resistance Levels – $0.532, $0.545, and $0.570.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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