Cardano Holds Steady — But Is It the Calm Before the Surge?
From $0.590, Cardano price fell. ADA is consolidating and may rise over $0.5820.
Below $0.5820 and $0.5750, ADA price fell again.
The price is above $0.560 and the 100-hour SMA.
The hourly ADA/USD chart shows a bullish trend line with support at $0.5640.
If it breaks $0.5560, the pair may fall again.
Cardano price fails to extend gains
Cardano fell from $0.590 in recent sessions, unlike Bitcoin and Ethereum. Under $0.580, ADA lost most of its gains.
Bears drove the price below the 50% Fib retracement line of the climb from $0.5567 swing low to $0.5902 high. Price went below $0.570 but held over $0.5650. On the hourly ADA/USD chart, a bullish trend line with support around $0.5640 is formed.
The trend line approaches the 76.4% Fib retracement level of the $0.5567 swing low to $0.5902 high upward rise. Cardano is over $0.5650 and the 100-hourly simplified moving average is
Price may find resistance at $0.5735 on the upside. Around $0.5820 is the initial resistance. The next hurdle may be $0.590. If price closes over $0.590 barrier, it might surge strongly. In this situation, the price may reach $0.620. More increases may lead to $0.6350 soon.
More ADA Losses?
If Cardano fails to break $0.5820 barrier, it might fall again. The trend line and $0.5640 provide immediate downward support.
Near $0.5460 is the next important support. A drop below $0.5460 might challenge $0.5250. The next significant support is $0.510, where bulls may appear.
Tech Indicators
Hourly MACD in negative zone for ADA/USD.
Hourly ADA/USD RSI is below 50.
Key Support Levels: $0.5640, $0.5460.
Key Resistance Levels: $0.5735, $0.5820.
