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Cryptocurrency market continues to experience ups and downs, which frustrates investors. This is also true for Cardano investors. Recently, there has been an attempt to rise above the resistance zone of $0.4500.
ADA Slowly Climbs
The cryptocurrency ADA is slowly climbing above the $0.450 region. However, trading below the $0.480 level might be concerning for some investors. Additionally, a breakout above a significant downtrend line at $0.4580 on the ADA/USD 4-hour chart indicates short-term bullish potential for the cryptocurrency ADA.
Recently, we observed a recovery wave starting from the $0.4180 region for the cryptocurrency Cardano, along with other major cryptocurrencies like Bitcoin and Ethereum. This recovery wave has moved the ADA price towards a short-term bullish zone.
Currently, the ADA/USD pair is trading below $0.480. However, the immediate upward resistance is near the $0.4650 region. The first resistance could move towards $0.470. If a closure above $0.4980 occurs, the price has the potential to start a strong rally.
If Resistances Remain Unbroken, ADA Could Face Deeper Losses
If the cryptocurrency Cardano’s price cannot rise above the $0.470 resistance level and the 100 simple moving average (4 hours), it could start another decline. Immediate downward support is near $0.450. The next main support is at $0.4350. A downward break below $0.4350 could open the door to testing the $0.4180 region. The next main support is near $0.3880.
Looking at technical indicators, the MACD for ADA/USD is losing momentum in the bearish zone. The RSI for ADA/USD is currently above the 50 level. Investors should particularly watch the main support levels at $0.4500, $0.4350, and $0.4180. If a rise begins, the main resistance levels are $0.4700, $0.4980, and $0.5250. Let’s recall that Cardano (ADA) price has corrected about 50% after its last rise.
