Cardano

Rally

Thing

Bitcoin

Resistance

Cardano (ADA) is attempting a fresh increase from the $0.4720 zone. ADA could start a fresh rally if there is a close above the $0.5350 resistance. 
<ul> 
 <li>ADA price is moving higher above the $0.500 zone.</li> 
 <li>The price is trading above $0.512 and the 100 simple moving average (4 hours).</li> 
 <li>There was a break above a key bearish trend line with resistance near $0.510 on the 4-hour chart of the ADA/USD pair (data source from Kraken).</li> 
 <li>The pair could accelerate higher if there is a clear move above $0.535 and $0.550.</li> 
</ul> 
<h2 id="cardano-price-eyes-fresh-increase">Cardano Price Eyes Fresh Increase</h2> 
After forming a base above the $0.4720 level, Cardano started a fresh increase. ADA price was able to climb above the $0.485 and $0.500 resistance levels to move into a positive zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-climbs-to-46k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-consolidates-2460/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a break above a key bearish trend line with resistance near $0.510 on the 4-hour chart of the ADA/USD pair. The bulls pushed the pair above the $0.520 resistance zone. However, the bears are now active near the $0.535 resistance zone. 
ADA price is now trading above $0.512 and the 100 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the recent increase from the $0.4718 swing low to the $0.5354 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-574131" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA.png?resize=1024%2C461" alt="ADA Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ADAUSD/" target="_blank" rel="noopener nofollow">ADAUSD on TradingView.com</a> 
On the upside, immediate resistance is near the $0.535 zone. The first resistance is near $0.545 and $0.550. The next key resistance might be $0.565. If there is a close above the $0.565 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.600 region. Any more gains might call for a move toward $0.620. 
<h2 id="another-decline-in-ada">Another Decline in ADA?</h2> 
If Cardano’s price fails to climb above the $0.535 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.520 level. 
The next major support is near the $0.5040 level or the 50% Fib retracement level of the recent increase from the $0.4718 swing low to the $0.5354 high. A downside break below the $0.5040 level could open the doors for a test of $0.485. The next major support is near the $0.4720 level. 
Technical Indicators 
4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone. 
4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. 
Major Support Levels – $0.520, $0.5040, and $0.4720. 
Major Resistance Levels – $0.5350, $0.550, and $0.600.

ADA Price Is Primed For A Rally And Only 1 Thing Is Holding It Back

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