Cardano

Bitcoin

Catch Up

Resistance

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. 
<ul> 
 <li>ADA price is struggling to gain bullish momentum above the $0.50 zone.</li> 
 <li>The price is trading above $0.480 and the 100-hourly simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could gain bullish momentum if there is a close above $0.500.</li> 
</ul> 
<h2 id="cardano-price-remains-supported">Cardano Price Remains Supported</h2> 
In the past few days, Cardano started a recovery wave from the $0.4620 zone, but lagged behind <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dips-70k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-4k-2/" target="_blank" rel="noopener ">Ethereum</a>. 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ec7569.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609220 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ec7569.png?resize=1024%2C449" alt="Cardano Price ADA" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ec7569.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ec7569.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ec7569.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ec7569.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ec7569.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ec7569.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ec7569.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="another-decline-in-ada">Another Decline in ADA?</h2> 
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.

ADA Price Underperforms: Can Cardano Catch Up with Other Altcoins?

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