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The cryptocurrency Cardano (ADA) seems to be correcting its gains from the resistance area of $0.642. However, the current picture emphasizes the need to hold above critical support levels. Looking at the ADA/USD pair’s price chart, a series of significant support and resistance levels become apparent.
Which Levels Should Be Monitored for Cardano (ADA)?
Cryptocurrency ADA’s price has recently shown some signs of decline by falling below the $0.600 level. However, if the ADA price remains above the $0.5550 support area, there is still potential for a new rally.
Technical analysis indicates a break below the $0.610 support level and a significant uptrend line. This level could signal that the current correction could deepen. However, if the bulls continue to stay active above the $0.570 support, the pair may attempt a new increase.
Resistance and Support Points
The cryptocurrency Cardano’s price has recently formed a base above the $0.520 level. This situation indicates that the bulls are trying to regain control. However, attempts to break above the $0.600 resistance area have shown that the bears maintain a solid resistance.
Currently, the $0.600 level stands out as a critical resistance point. If a successful breakout occurs above this level, it could be the start of a strong rally for ADA’s price. However, a close below the $0.600 level could indicate an increase in downward pressure.
When examining technical indicators, the 4-hour MACD is losing momentum in the bullish zone, and the RSI is currently below the 50 level. These indicators suggest that uncertainty may continue in the short term.
With all this in mind, the cryptocurrency Cardano’s price is currently at a critical juncture. A strong hold by the bulls above the $0.600 level could initiate a new upward wave. However, in the event of a downward break, it is important to pay attention to significant support levels such as $0.570 and $0.5550.
The cryptocurrency Cardano (ADA) investors have been long awaiting the march towards $3 from the previous bull season. Those who invested in ADA at levels above $1 in the past are still striving to recover their losses. Therefore, the possibility of a rally is very important for ADA investors.
