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Home»EXCHANGE NEWS»ADA price has reached a critical juncture. Could Cardano begin a new surge?
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ADA price has reached a critical juncture. Could Cardano begin a new surge?

By Crypto FlexsFebruary 23, 20243 Mins Read
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ADA price has reached a critical juncture.  Could Cardano begin a new surge?
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Cardano (ADA) is trimming gains at the $0.642 resistance zone. ADA could start a new rally if it stays above the $0.5550 support area.

  • ADA price is showing some signs of weakness below the $0.600 level.
  • The price is trading above $0.5550 and the 100 simple moving average (4-hours).
  • A break occurred below the main bullish trendline with support at $0.610 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
  • If the bulls remain active above the $0.570 support, the pair could attempt a fresh increase.

Support for Cardano price decline

After forming a base above the $0.520 level, Cardano started a new rally. ADA price could move beyond the $0.555 and $0.565 resistance levels and into positive territory like Bitcoin and Ethereum.

The bulls pushed the pair above the $0.600 resistance zone. However, the bears remained active near the $0.6420 resistance zone. A high was formed near $0.6419 and the price began a downward correction. There was a move below the $0.600 level.

Additionally, a break occurred below the main bullish trendline with support at $0.610 on the 4-hours chart of the ADA/USD pair. The price fell below the 23.6% Fib retracement level, rising from the $0.4718 swing low to the $0.6419 high.

ADA price is currently trading below $0.600 and the 100 simple moving average (4-hours). Bulls may remain active near the $0.5700 support or the 50% Fib retracement rising from the $0.4718 swing low to the $0.6419 high.

Source: ADAUSD on TradingView.com

Meanwhile, immediate resistance is located near $0.600. The first resistance is near $0.612. The next major resistance could be at $0.620. If the price closes above the $0.620 resistance, the price could begin a strong rebound. If stated, the price may rise to the $0.642 region. Any more profits may require a move to $0.680.

Will ADA cause more losses?

If Cardano’s price fails to break above the $0.600 resistance level, it may continue to fall. Immediate support for the downside is near the $0.570 level.

The next major support is near the $0.5550 level. A break below the $0.5500 level could open the door to a test of $0.5120. The next major support is near the $0.500 level.

technical indicators

4-Hour MACD – The MACD for ADA/USD is losing momentum in bullish territory.

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

Key support levels – $0.570, $0.5550 and $0.5120.

Key resistance levels – $0.600, $0.6120, $0.6420.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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