Cardano (ADA) is attempting a fresh increase above the $0.4500 resistance zone. ADA could gain bullish momentum if it settles above the 100 SMA (H4).

In the past few days, Cardano started a recovery wave from the $0.4180 zone, like Bitcoin and Ethereum. ADA price broke the $0.4350 and $0.4420 levels to move into a short-term bullish zone.

There was a move above the 23.6% Fib retracement level of the downward move from the $0.5227 swing high to the $0.4180 low. Besides, there was a break above a key bearish trend line with resistance at $0.4580 on the 4-hour chart of the ADA/USD pair.

Cardano is now trading below $0.480 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.4650 zone and the 100 simple moving average (4 hours).

The first resistance is near $0.470 or the 50% Fib retracement level of the downward move from the $0.5227 swing high to the $0.4180 low. The next key resistance might be $0.4980. If there is a close above the $0.4980 resistance, the price could start a strong rally.

Source: ADAUSD on TradingView.com

In the stated case, the price could rise toward the $0.5250 region. Any more gains might call for a move toward $0.5650.

If Cardano’s price fails to climb above the $0.470 resistance level and the 100 simple moving average (4 hours), it could start another decline. Immediate support on the downside is near the $0.450 level.

The next major support is near the $0.4350 level. A downside break below the $0.4350 level could open the doors for a test of $0.4180. The next major support is near the $0.3880 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.4500, $0.4350, and $0.4180.

Major Resistance Levels – $0.4700, $0.4980, and $0.5250.

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