Cardano

bullish

Bitcoin

Resistance

<a href="https://yellow.com/asset/ada" rel="noopener noreferrer nofollow">Cardano</a> recently experienced a decline, slipping below the $0.3550 threshold. Currently, ADA is finding solace above $0.3400 but hints at a potential rebound in the near term.
The ADA price initiated its <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-struggles-0-3685/" rel="noopener noreferrer nofollow">descent</a> below the $0.3500 support. Subsequently, it remains under the $0.3550 mark and the 100-hour simple moving average. A noteworthy breach occurred as ADA slid below a crucial bullish trend line, which had support pegged at $0.3600, according to Kraken data on the ADA/USD hourly chart. To catalyze a recovery, the pair must navigate through the $0.3585 resistance zone.
Following an encounter with the $0.3685 resistance, Cardano faced hurdles in sustaining its upward trajectory. ADA formed a temporary peak, mirroring movements seen in Bitcoin and Ethereum, before commencing a fresh descent past the $0.3550 and $0.3500 supports. A break below the bullish trend line set at $0.3600 on the hourly ADA/USD chart contributed to further decline, which extended to just below $0.3440 before bullish sentiment reemerged. A low of $0.3420 was established before correcting some losses, with a minor push above $0.3480.
The price managed to surpass the 23.6% Fibonacci retracement level, from the $0.3685 swing high to the $0.3420 low. Presently, Cardano trades beneath $0.3550 and remains below the 100-hour simple moving average. Resistance looms around the $0.3550 zone or the 50% Fibonacci level of the downturn from $0.3685 to $0.3420. The initial resistance stands at $0.3585, while $0.3685 might be the next significant hurdle.
Breaching the $0.3685 resistance could potentially ignite a substantial rally. In such a scenario, the price could surge toward the $0.3780 area, with further gains possibly eyeing $0.3950.
Failing to surmount the $0.3550 resistance may trigger another downward course for Cardano. Immediate support lies near $0.3480. A more profound support level is found at $0.3420, with a further drop possibly paving the way for a test at $0.3250. Should this occur, the $0.3120 level might serve as a critical support zone where bullish forces could reappear.

Cardano Price Stalls: Analysts Weigh Potential Recovery Scenarios

Yellow News

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