ADA Price Underperforms: Can Cardano Catch Up with Other Altcoins?
May 21 2024 - 10:58PM
NEWSBTC
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. 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.
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