Cardano (ADA) is currently facing resistance below the $0.500 level and the 100 simple moving average (SMA) on the 4-hour chart. If ADA remains below the 100 SMA, it could continue to face bearish momentum and decline further.
In recent days, ADA has experienced a steady decline from the $0.520 resistance zone, similar to other major cryptocurrencies like Bitcoin and Ethereum. The price has fallen below key support levels at $0.500 and $0.4950, entering a bearish zone.
There is a key bearish trend line forming with resistance at $0.4740 on the 4-hour chart, indicating potential hurdles for ADA. However, if the bulls remain active above the $0.4280 support, the price could attempt a fresh increase.
Immediate resistance levels for ADA lie at $0.4740, the 100 SMA, and the trend line. If the price manages to close above the $0.50 resistance, it could potentially initiate a strong rally towards the $0.5250 region, and possibly even $0.5650.
On the downside, if ADA fails to break above the resistance levels and remains below the 100 SMA, it could continue its decline. Immediate support can be found near the $0.450 level, followed by major support levels at $0.4280 and $0.40. A break below $0.4280 could pave the way for further testing of the $0.3880 level.
In terms of technical indicators, the 4-hour MACD for ADA/USD is gaining momentum in the bearish zone. The 4-hour RSI (Relative Strength Index) is currently below the 50 level.
It’s important to note that this analysis is for educational purposes only and does not constitute financial advice. Conduct your own research and exercise caution when making investment decisions.