- Cardano is showing signs of recovery but faces strong resistance near $0.74
- ADA is trading at $0.691, slightly down in the last 24 hours
- Momentum indicators point to a possible short-term upside
- A breakout above $0.741 could trigger a rally toward $0.78–$0.80
Cardano (ADA) is showing early signs of a potential recovery following a recent decline, but the bulls are facing stiff resistance at higher levels. ADA is trading at $0.691, reflecting a slight dip of 0.33% in the past 24 hours. Despite the bounce from the recent swing low of $0.66, the asset continues to trade below key technical levels that are critical for a full-fledged reversal.
Cardano Battles Key Resistance Near $0.74
On the 4-hour chart, ADA is attempting to push higher but is struggling beneath a strong cluster of moving averages. The 50, 100, and 200-period simple moving averages (SMAs), currently at $0.737, $0.741, and $0.714 respectively, are acting as a ceiling, preventing further upside.
The price is also trading below the 200 SMA, a long-term trend indicator that suggests bearish pressure still dominates. However, on the lower end, the 9-period exponential moving average (EMA) at $0.686 is offering short-term support and cushioning the current pullback.
Momentum indicators are flashing mixed but slightly bullish signals. The Relative Strength Index (RSI) is hovering around 49.60, just below the neutral 50 level. This reading indicates a balance between buying and selling pressure, although the upward slope suggests some strengthening bullish momentum.
Meanwhile, the Moving Average Convergence Divergence (MACD) has shown a bullish crossover, with the MACD line moving above the signal line and the histogram turning green. This crossover often precedes short-term upward movement, particularly after an extended bearish trend.
ADA’s Next Move Depends on Resistance Break
The overall market trend for ADA appears to be a cautious recovery. While the asset is no longer in free fall, it remains vulnerable unless it can break through the resistance zone near $0.70.
A successful breakout above $0.741, accompanied by increased volume, could signal a shift in trend and open the door for a rally toward $0.78–$0.80. However, if ADA gets rejected at current levels, it could revisit the $0.68–$0.66 support area, where buying interest previously emerged.
Cardano is at a pivotal juncture. The indicators suggest a developing bullish setup, but without a strong breakout above the resistance cluster, the trend remains uncertain. Traders and investors should watch closely for confirmation signals in the coming sessions to gauge ADA’s next major move.
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