ADA Price Faces Key Hurdle, Can Cardano Surpass This To Start Fresh Rally?

Jan 10, 2024 06:00 am Cryptocurrency 161

Cardano (ADA) is attempting a recovery wave from the $0.4650 zone. ADA could start a fresh rally if there is a close above the $0.550 resistance.

ADA price is moving higher from the $0.4650 zone.

The price is trading below $0.570 and the 100 simple moving average (4 hours).

There is a key bearish trend line forming with resistance near $0.545 on the 4-hour chart of the ADA/USD pair (data source from Kraken).

The pair could accelerate higher if there is a clear move above $0.545 and $0.550.

Cardano Price Attempts Fresh Increase

After a strong rally, Cardano faced sellers near the $0.675 zone. ADA started a fresh decline below the $0.620 and $0.600 support levels, unlike Bitcoin and Ethereum.

There was a drop below the $0.550 support and the 100 simple moving average (4 hours). Finally, the price found support near the $0.4650 zone. The ..

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