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Home»EXCHANGE NEWS»ADA Price Prediction – Can Cardano reclaim its 100 SMA and bounce back?
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ADA Price Prediction – Can Cardano reclaim its 100 SMA and bounce back?

By Crypto FlexsApril 29, 20243 Mins Read
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ADA Price Prediction – Can Cardano reclaim its 100 SMA and bounce back?
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Cardano (ADA) is falling below the $0.500 resistance zone. If ADA stays below the 100 SMA (H4), it may gain bearish momentum and move lower.

  • ADA price is slowly moving lower in the $0.520 area.
  • The price is trading below $0.500 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the ADA/USD pair, there is a major bearish trendline forming with resistance at $0.4740 (data source from Kraken).
  • If the bulls remain active above the $0.4280 support, the pair could attempt a fresh increase.

Cardano Price Faces Major Hurdle

Over the past few days, Cardano has seen a steady decline above the $0.520 resistance area like Bitcoin and Ethereum. ADA price declined below the $0.500 and $0.4950 levels to enter bearish territory.

The upward move from the $0.4000 swing low to the $0.5201 high moved below the 50% Fib retracement level. It even fell below $0.4650 and tested $0.450. The price is currently trading below $0.500 and the 100 simple moving average (4-hours).

There is also a major bearish trendline forming resistance at $0.4740 on the 4-hours chart of the ADA/USD pair. The bulls appear to be active near the $0.450 area and the 61.8% Fib retracement level with an increase from the $0.4000 swing low to the $0.5201 high.

On the positive side, immediate resistance is located near the $0.4740 area, the 100 simple moving average (4-hours) and the trendline. The first resistance is near $0.4920. The next major resistance could be $0.500. If the price closes above the $0.50 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.

Will ADA cause more losses?

Cardano’s price may continue falling if it fails to break above the $0.4740 resistance and the 100 simple moving average (4-hours). Immediate support for the downside is near the $0.450 level.

The next major support is near the $0.4280 level. A break below the $0.4280 level could open the door to a $0.40 test. The next major support is near the $0.3880 level.

technical indicators

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

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

Key support levels – $0.4500, $0.4280 and $0.4000.

Key resistance levels – $0.4740, $0.5000 and $0.5200.

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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