ADA Price Prediction – Can Cardano Bulls Overcome This Key Hurdle?

Cardano (ADA) is trying to make a new surge above the $0.4500 resistance area. ADA could gain upward momentum if it settles above the 100 SMA (H4).

  • ADA price is slowly moving above the $0.450 area.
  • The price is trading below $0.480 and the 100 simple moving average (4-hours).
  • There was a break above the major downtrend line with resistance at $0.4580 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
  • The pair may gain upward momentum if there is a clear move above $0.470.

Cardano price is trying to increase again

In the past few days, Cardano started a recovery wave from the $0.4180 area, like Bitcoin and Ethereum. ADA price broke the $0.4350 and $0.4420 levels to move into a short-term bullish zone.

There was a move above the 23.6% Fib retracement level of the downward move from the high of $0.5227 to the low of $0.4180. Moreover, there was a break above the major downtrend line with resistance at $0.4580 on the 4-hours chart of the ADA/USD pair.

Cardano is now trading below the $0.480 level and the 100 simple moving average (4-hours). On the upside, immediate resistance is near the $0.4650 area and the 100 simple moving average (4-hours).

The first resistance is near $0.470 or the 50% Fibonacci retracement level of the downward move from the high of $0.5227 to the low of $0.4180. The next major resistance could be $0.4980. If there is a close above the $0.4980 resistance level, the price could start a strong rally.

source: ADAUSD on TradingView.com

In the mentioned case, the price may rise towards the $0.5250 area. Any further gains may require a move towards $0.5650.

Another rollback in the ADA?

If Cardano price fails to rise above the $0.470 resistance level and the 100 simple moving average (4-hours), it may start another decline. Immediate support on the downside is near the $0.450 level.

The next major support is near the $0.4350 level. A downside break below $0.4350 could open the doors to a test of $0.4180. The next major support is located near the $0.3880 level.

Technical indicators

MACD on 4-hour chart – The MACD indicator for ADA/USD is losing momentum in the bearish zone.

4-Hour RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $0.4500, $0.4350, and $0.4180.

Major resistance levels – $0.4700, $0.4980, and $0.5250.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on buying, selling or holding any investments and investing naturally carries risks. We advise you to conduct your own research before making any investment decisions. Use the information provided on this website entirely at your own risk.

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