Cardano (ADA) is striving for a rebound from the $0.4650 mark, aiming for a fresh rally upon surpassing the $0.550 resistance.
Source:ADAUSD on TradingView.com
ADA's value is on an ascent from the $0.4650 mark, yet it remains below $0.570 and the 100 simple moving average (4 hours).
A notable bearish trend line, with resistance around $0.545, has formed on the ADA/USD pair's 4-hour chart sourced from Kraken.
ADA could gain momentum if it clears the hurdles at $0.545 and $0.550. A move above $0.570 might pave the way for a robust uptrend towards the $0.620 zone. Further bullish momentum could lead to a push toward $0.650.
However, failure to breach the $0.545 resistance could prompt a downward slide. Immediate support lies around $0.500, followed by crucial levels near $0.465 and $0.432. A break below $0.465 may signal a potential test of $0.432, with a major support zone near $0.420.
4-hour MACD is showing a decrease in bearish momentum for ADA/USD, while the 4-hour RSI stands below the 50 level.
Support - $0.500, $0.465, $0.432
Resistance - $0.532, $0.545, $0.570
The uncertain movement in ADA's price could indicate a lack of immediate strength, potentially leading to a further price retraction if key resistances aren't overcome.
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