Cardano

Bitcoin

Resistance

Cardano (ADA) is correcting gains from the $0.642 resistance zone. ADA could start a fresh rally if it stays above the $0.5550 support zone. 
<ul> 
 <li>ADA price is showing a few bearish signs below the $0.600 level.</li> 
 <li>The price is trading above $0.5550 and the 100 simple moving average (4 hours).</li> 
 <li>There was a break below a key bullish trend line with support at $0.610 on the 4-hour chart of the ADA/USD pair (data source from Kraken).</li> 
 <li>The pair could attempt a fresh increase if the bulls remain active above the $0.570 support.</li> 
</ul> 
<h2 id="cardano-price-dips-to-support">Cardano Price Dips To Support</h2> 
After forming a base above the $0.520 level, Cardano started a fresh increase. ADA price was able to climb above the $0.555 and $0.565 resistance levels to move into a positive zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-accumulation-52k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-eth-surge-3200/" target="_blank" rel="noopener ">Ethereum</a>. 
The bulls pushed the pair above the $0.600 resistance zone. However, the bears were active near the $0.6420 resistance zone. A high was formed near $0.6419 and the price started a downside correction. There was a move below the $0.600 level. 
There was also a break below a key bullish trend line with support at $0.610 on the 4-hour chart of the ADA/USD pair. The price declined below the 23.6% Fib retracement level of the upward move from the $0.4718 swing low to the $0.6419 high. 
ADA price is now trading below $0.600 and the 100 simple moving average (4 hours). The bulls might remain active near the $0.5700 support or the 50% Fib retracement level of the upward move from the $0.4718 swing low to the $0.6419 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA_d0d699.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-576470" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA_d0d699.png?resize=1024%2C461" alt="ADA Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA_d0d699.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA_d0d699.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA_d0d699.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA_d0d699.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA_d0d699.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA_d0d699.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Cardano-ADA_d0d699.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 $0.600 zone. The first resistance is near $0.612. The next key resistance might be $0.620. If there is a close above the $0.620 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.642 region. Any more gains might call for a move toward $0.680. 
<h2 id="more-losses-in-ada">More Losses in ADA?</h2> 
If Cardano’s price fails to climb above the $0.600 resistance level, it could continue to move down. Immediate support on the downside is near the $0.570 level. 
The next major support is near the $0.5550 level. A downside break below the $0.5500 level could open the doors for a test of $0.5120. The next major support is near the $0.500 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 below the 50 level. 
Major Support Levels – $0.570, $0.5550, and $0.5120. 
Major Resistance Levels – $0.600, $0.6120, and $0.6420.

ADA Price Reaches Key Juncture – Can Cardano Start A Fresh Surge?

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