ADA Price Prediction – Can Cardano Reclaim 100 SMA and Rally?
April 29 2024 - 1:24AM
NEWSBTC
Cardano (ADA) is moving lower below the $0.500 resistance zone. ADA
could gain bearish momentum and decline if it stays below the 100
SMA (H4). ADA price is slowly moving lower from the $0.520 zone.
The price is trading below $0.500 and the 100 simple moving average
(4 hours). There is a key bearish trend line forming with
resistance at $0.4740 on the 4-hour chart of the ADA/USD pair (data
source from Kraken). The pair could attempt a fresh increase if the
bulls remain active above the $0.4280 support. Cardano Price Faces
Key Hurdles In the past few days, Cardano saw a steady decline from
the $0.520 resistance zone, like Bitcoin and Ethereum. ADA price
declined below the $0.500 and $0.4950 levels to enter a bearish
zone. There was a move below the 50% Fib retracement level of the
upward move from the $0.4000 swing low to the $0.5201 high. It even
declined below $0.4650 and tested $0.450. The price is now trading
below $0.500 and the 100 simple moving average (4 hours). There is
also a key bearish trend line forming with resistance at $0.4740 on
the 4-hour chart of the ADA/USD pair. The bulls seem to be active
near the $0.450 zone and the 61.8% Fib retracement level of the
upward move from the $0.4000 swing low to the $0.5201 high. On the
upside, immediate resistance is near the $0.4740 zone, the 100
simple moving average (4 hours), and the trend line. The first
resistance is near $0.4920. The next key resistance might be
$0.500. If there is a close above the $0.50 resistance, the price
could start a strong rally. Source: ADAUSD on TradingView.com In
the stated case, the price could rise toward the $0.5250 region.
Any more gains might call for a move toward $0.5650. More Losses in
ADA? If Cardano’s price fails to climb above the $0.4740 resistance
level and the 100 simple moving average (4 hours), it could
continue to move down. Immediate support on the downside is near
the $0.450 level. The next major support is near the $0.4280 level.
A downside break below the $0.4280 level could open the doors for a
test of $0.40. The next major support is near the $0.3880 level.
Technical Indicators 4 hours MACD – The MACD for ADA/USD is gaining
momentum in the bearish zone. 4 hours RSI (Relative Strength Index)
– The RSI for ADA/USD is now below the 50 level. Major Support
Levels – $0.4500, $0.4280, and $0.4000. Major Resistance Levels –
$0.4740, $0.5000, and $0.5200.
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