Cardano (ADA) Struggles to Build Bullish Momentum: Will It Turn Around?

2024-10-24 07:58

Cardano price started a fresh decline below the $0.3550 zone. ADA is consolidating above $0.3400 and might attempt a recovery wave.

ADA price started a downward move below the $0.3500 support level. The price is trading below $0.3550 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $0.3600 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could attempt a recovery wave if it clears the $0.3585 resistance zone. Cardano Price Consolidates Losses

After testing the $0.3685 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $0.3550 and $0.3500 support levels.

There was a break below a key bullish trend line with support at $0.3600 on the hourly chart of the ADA/USD pair. The price even declined below $0.3440 before the bulls appeared. A low was formed at $0.3420 and the price is now correcting losses. There was a minor move above the $0.3480 level.

The price cleared the 23.6% Fib retracement level of the downward move from the $0.3685 swing high to the $0.3420 low. Cardano price is now trading below $0.3550 and the 100-hourly simple moving average.

On the upside, the price might face resistance near the $0.3550 zone or the 50% Fib retracement level of the downward move from the $0.3685 swing high to the $0.3420 low. The first resistance is near $0.3585. The next key resistance might be $0.3685.

If there is a close above the $0.3685 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.3780 region. Any more gains might call for a move toward $0.3950.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.3550 resistance level, it could start another decline. Immediate support on the downside is near the $0.3480 level.

The next major support is near the $0.3420 level. A downside break below the $0.3420 level could open the doors for a test of $0.3250. The next major support is near the $0.3120 level where the bulls might emerge.

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 – $0.3450 and $0.3420.

Major Resistance Levels – $0.3550 and $0.3685.

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ada started below cardano price might attempt

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