Cardano (ADA) is attempting a recovery wave from the $0.4650 zone. ADA could start a fresh rally if there is a close above the $0.550 resistance.
- ADA price is moving higher from the $0.4650 zone.
- The price is trading below $0.570 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.545 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
- The pair could accelerate higher if there is a clear move above $0.545 and $0.550.
Cardano Price Attempts Fresh Increase
After a strong rally, Cardano faced sellers near the $0.675 zone. ADA started a fresh decline below the $0.620 and $0.600 support levels, unlike Bitcoin and Ethereum.
There was a drop below the $0.550 support and the 100 simple moving average (4 hours). Finally, the price found support near the $0.4650 zone. The price is now attempting a fresh increase above the $0.500 resistance zone. The price tested the 23.3% Fib retracement level of the downward move from the $0.6768 swing high to the $0.4650 low. ADA is now trading below $0.570 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.545 on the 4-hour chart of the ADA/USD pair. On the upside, immediate resistance is near the $0.532 zone. The first resistance is near $0.545 and $0.550. The next key resistance might be $0.570 or the 50% Fib retracement level of the downward move from the $0.6768 swing high to the $0.4650 low.