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Home»EXCHANGE NEWS»ADA Price Prediction – Can Cardano Bulls Overcome This Major Hurdle?
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ADA Price Prediction – Can Cardano Bulls Overcome This Major Hurdle?

By Crypto FlexsMay 9, 20243 Mins Read
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ADA Price Prediction – Can Cardano Bulls Overcome This Major Hurdle?
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Cardano (ADA) is attempting a fresh rally above the $0.4500 resistance zone. ADA could gain bullish momentum if it stabilizes above the 100 SMA (H4).

  • ADA price is slowly rising above the $0.450 area.
  • The price is trading below $0.480 and the 100 simple moving average (4-hours).
  • A breakout occurred above the main bearish trend line with resistance at $0.4580 on the 4-hours chart of the ADA/USD pair (data source from Kraken).
  • If there is a clear move above $0.470, the pair could gain bullish momentum.

Cardano price attempts a new rise

Over the past few days, Cardano has begun a recovery in the same $0.4180 area as Bitcoin and Ethereum. ADA price broke the $0.4350 and $0.4420 levels, moving into near-term bullish territory.

There was a move above the 23.6% Fib retracement level, moving downward from the $0.5227 swing high to the $0.4180 low. Moreover, the ADA/USD pair broke the key bearish trend line at $0.4580, which is the resistance level on the 4-hours chart.

Cardano is currently trading below $0.480 and the 100 simple moving average (4-hours). On the positive side, immediate resistance is located near the $0.4650 area and the 100 simple moving average (4-hours).

The first resistance is near $0.470 or the 50% Fib retracement level for a downside move from the $0.5227 swing high to the $0.4180 low. The next major resistance could be at $0.4980. If the price closes above the $0.4980 resistance line, the price could begin a strong rally.

Source: ADAUSD on TradingView.com

If indicated, the price may rise to the $0.5250 region. Any more profits may require a move to $0.5650.

Another decline in ADA?

If Cardano’s price fails to rise above the $0.470 resistance level and the 100 simple moving average (4-hours), another decline could begin. Immediate support for the downside is near the $0.450 level.

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

technical indicators

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

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.

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

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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