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Home»EXCHANGE NEWS»Can Cardano catch up with other altcoins?
EXCHANGE NEWS

Can Cardano catch up with other altcoins?

By Crypto FlexsMay 22, 20242 Mins Read
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Can Cardano catch up with other altcoins?
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Cardano (ADA) is struggling to break above the $0.500 resistance zone and start a new rally. ADA needs to stay above the $0.480 support level to initiate a proper upward move.

  • ADA price is struggling to gain bullish momentum above the $0.50 area.
  • The price is trading above $0.480 and the 100-hour simple moving average.
  • On the hourly chart of the ADA/USD pair, there is a major bullish trend line forming with support near $0.480 (data source from Kraken).
  • A close above $0.500 could give the pair some bullish momentum.

Cardano price remains supported

Over the past few days, Cardano began a recovery in the $0.4620 area, but lagged behind Bitcoin and Ethereum. ADA price broke the $0.4750 and $0.480 levels, moving into near-term bullish territory.

The price surged above $0.50 but failed to continue rising. A high was formed at $0.510 and there was a recent downward correction. The price fell below the $0.4980 support. It fell below the 23.6% Fib retracement level from the $0.4614 swing low to the $0.510 low.

Cardano is currently trading above $0.480 and the 100-hour simple moving average. On the hourly chart of the ADA/USD pair, there is also a major bullish trend line forming with support near $0.480. The trend line is close to the 61.8% Fib retracement level rising from the $0.4614 swing low to the $0.510 low.

Source: ADAUSD on TradingView.com

Meanwhile, immediate resistance is located near $0.4980. The first resistance is near $0.510. The next major resistance could be at $0.5250. If the price closes above the $0.5250 resistance, the price could begin a strong rally. If indicated, the price may rise to the $0.5450 region. Any more profits may require a move to $0.5650.

Another decline in ADA?

If Cardano’s price fails to break above the $0.4980 resistance level, another decline could begin. Immediate support for the downside is near the $0.450 level.

The next major support is near the $0.480 level. A break below the $0.480 level could open the door to a test of $0.4620. The next major support is near the $0.450 level.

technical indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in bearish territory.

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

Key support levels – $0.4850, $0.4800 and $0.4620.

Key resistance levels – $0.4980, $0.5100, $0.5250.

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