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MainNewsADA Price Un...

ADA Price Underperforms: Can Cardano Catch Up with Other Altcoins?


ADA Price Underperforms: Can Cardano Catch Up with Other Altcoins?
May, 22, 2024
2 min read
by NewsBTC
ADA Price Underperforms: Can Cardano Catch Up with Other Altcoins?

Cardano (ADA) is struggling to start a fresh increase above the $0.500 resistance zone. ADA must stay above the $0.480 support to start a decent upward move.

  • ADA price is struggling to gain bullish momentum above the $0.50 zone.
  • The price is trading above $0.480 and the 100-hourly simple moving average.
  • There is a key bullish trend line forming with support near $0.480 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if there is a close above $0.500.

Cardano Price Remains Supported

In the past few days, Cardano started a recovery wave from the $0.4620 zone, but lagged behind Bitcoin and Ethereum. ADA price broke the $0.4750 and $0.480 levels to move into a short-term bullish zone.

The price even spiked above $0.50 but it failed to continue higher. A high was formed at $0.510 and recently there was a downside correction. The price declined below the $0.4980 support. It dipped below the 23.6% Fib retracement level of the upward move from the $0.4614 swing low to the $0.510 low.

Cardano is now trading above $0.480 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support near $0.480 on the hourly chart of the ADA/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.4614 swing low to the $0.510 low.

Cardano Price ADA

On the upside, immediate resistance is near the $0.4980 zone. The first resistance is near $0.510. The next key resistance might be $0.5250. If there is a close above the $0.5250 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.5450 region. Any more gains might call for a move toward $0.5650.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.4980 resistance level, it could start another decline. Immediate support on the downside is near the $0.450 level.

The next major support is near the $0.480 level. A downside break below the $0.480 level could open the doors for 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 the bearish zone.

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

Major Support Levels – $0.4850, $0.4800, and $0.4620.

Major Resistance Levels – $0.4980, $0.5100, and $0.5250.

Read the article at NewsBTC

Read More

Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash?

Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash?

Crypto analysts have given varying opinions on the Cardano (ADA) future trajectory. O...
Jun, 25, 2024
2 min read
by NewsBTC
Amid Cardano’s “Awakening,” Where Is ADA Headed This June End?

Amid Cardano’s “Awakening,” Where Is ADA Headed This June End?

Cardano (ADA) is gearing up to undergo a massive infrastructural change. This change ...
Jun, 25, 2024
2 min read
by Watcher.Guru
MainNewsADA Price Un...

ADA Price Underperforms: Can Cardano Catch Up with Other Altcoins?


ADA Price Underperforms: Can Cardano Catch Up with Other Altcoins?
May, 22, 2024
2 min read
by NewsBTC
ADA Price Underperforms: Can Cardano Catch Up with Other Altcoins?

Cardano (ADA) is struggling to start a fresh increase above the $0.500 resistance zone. ADA must stay above the $0.480 support to start a decent upward move.

  • ADA price is struggling to gain bullish momentum above the $0.50 zone.
  • The price is trading above $0.480 and the 100-hourly simple moving average.
  • There is a key bullish trend line forming with support near $0.480 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if there is a close above $0.500.

Cardano Price Remains Supported

In the past few days, Cardano started a recovery wave from the $0.4620 zone, but lagged behind Bitcoin and Ethereum. ADA price broke the $0.4750 and $0.480 levels to move into a short-term bullish zone.

The price even spiked above $0.50 but it failed to continue higher. A high was formed at $0.510 and recently there was a downside correction. The price declined below the $0.4980 support. It dipped below the 23.6% Fib retracement level of the upward move from the $0.4614 swing low to the $0.510 low.

Cardano is now trading above $0.480 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support near $0.480 on the hourly chart of the ADA/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.4614 swing low to the $0.510 low.

Cardano Price ADA

On the upside, immediate resistance is near the $0.4980 zone. The first resistance is near $0.510. The next key resistance might be $0.5250. If there is a close above the $0.5250 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.5450 region. Any more gains might call for a move toward $0.5650.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.4980 resistance level, it could start another decline. Immediate support on the downside is near the $0.450 level.

The next major support is near the $0.480 level. A downside break below the $0.480 level could open the doors for 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 the bearish zone.

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

Major Support Levels – $0.4850, $0.4800, and $0.4620.

Major Resistance Levels – $0.4980, $0.5100, and $0.5250.

Read the article at NewsBTC

Read More

Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash?

Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash?

Crypto analysts have given varying opinions on the Cardano (ADA) future trajectory. O...
Jun, 25, 2024
2 min read
by NewsBTC
Amid Cardano’s “Awakening,” Where Is ADA Headed This June End?

Amid Cardano’s “Awakening,” Where Is ADA Headed This June End?

Cardano (ADA) is gearing up to undergo a massive infrastructural change. This change ...
Jun, 25, 2024
2 min read
by Watcher.Guru