Cardano

Bitcoin

Resistance

Cardano (ADA) corrected gains and tested the $0.4520 support zone. ADA must stay above the $0.450 support to start a fresh upward move. 
<ul> 
 <li>ADA price is struggling to gain bullish momentum above the $0.4750 zone.</li> 
 <li>The price is trading below $0.460 and the 100-hourly simple moving average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance at $0.4570 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 $0.4620.</li> 
</ul> 
<h2 id="cardano-price-tests-support">Cardano Price Tests Support</h2> 
In the past few sessions, Cardano started a downward move after it failed to clear the $0.4750 resistance. ADA dipped below the $0.4620 support and tested the key support at $0.4520 like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-70k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-support-3760/" target="_blank" rel="noopener ">Ethereum</a>. 
A low was formed at $0.4516 and the price is now consolidating losses. There was a minor recovery wave above the $0.4550 zone. There was a break above a connecting bearish trend line with resistance at $0.4570 on the hourly chart of the ADA/USD pair. The pair tested the 23.6% Fib retracement level of the recent decline from the $0.4743 swing high to the $0.4516 low. 
Cardano is now trading below $0.4620 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $0.4960 zone. The first resistance is near $0.4620 or the 50% Fib retracement level of the recent decline from the $0.4743 swing high to the $0.4516 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ae393e.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610328 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ae393e.png?resize=1024%2C449" alt="Cardano (ADA)" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ae393e.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ae393e.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ae393e.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ae393e.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ae393e.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ae393e.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Cardano-ADA_ae393e.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance might be $0.4750. If there is a close above the $0.4750 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.50 region. Any more gains might call for a move toward $0.5250. 
<h2 id="more-losses-in-ada">More Losses in ADA?</h2> 
If Cardano’s price fails to climb above the $0.4620 resistance level, it could continue to move down. Immediate support on the downside is near the $0.4520 level. 
The next major support is near the $0.4460 level. A downside break below the $0.4460 level could open the doors for a test of $0.4320. The next major support is near the $0.420 level. 
Technical Indicators 
Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. 
Major Support Levels – $0.4520, $0.4460, and $0.4320. 
Major Resistance Levels – $0.4620 and $0.4750.

Can Cardano (ADA) Bounce Back? A Closer Look at Its Recovery Potential

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