Cardano’s Great Struggle: Is the Bounce Dying?

by

Cardano, once so eager, now dances nervously in the $0.6420 zone. But will the recovery hold, or will the resistance near $0.6850 soon push it back into despair?

  • ADA began its hesitant recovery from the $0.6420 zone, like a tired marathon runner trying to catch a second wind.
  • But alas, it finds itself trapped below the $0.680 mark, still under the watchful gaze of the 100-hourly moving average. A bittersweet reminder of its limitations.
  • In a moment of fleeting glory, Cardano broke above a bearish trendline at $0.650 on the hourly chart (data courtesy of Kraken, because, of course, every victory has a source).
  • There’s hope yet – should ADA manage to clear the $0.6850 resistance zone, another surge could follow. But that’s a big ‘if,’ isn’t it?

Cardano Price Faces Resistance (How Shocking!)

Ah, the familiar tale of Cardano’s fall. In the past few days, it faced a fresh decline from the $0.730 level, much like Bitcoin and Ethereum, those illustrious companions in the struggle for relevance. ADA slipped below both the $0.70 and $0.680 support levels, like an actor stumbling in a well-rehearsed scene.

Cardano hit rock bottom at $0.6426 but, ever so valiantly, begins its slow climb again. Above the $0.6550 level it goes, cresting the 23.6% Fibonacci retracement – a tiny victory in the vast battlefield of the market.

Yet, even with its hard-fought gains, it faces resistance at $0.6850, and don’t forget the 50% Fibonacci retracement looming over it like a looming creditor. The price now hovers under the 100-hourly moving average, a constant reminder of its unfulfilled potential.

There’s a faint glimmer of hope, though: should ADA surpass the $0.6850 resistance, we may witness a beautiful rally, perhaps pushing to $0.730. From there, who knows? Maybe it will dare to dream of $0.750. Let’s not get too ahead of ourselves, though.

And What If It Drops Again?

Of course, if Cardano doesn’t conquer the $0.6850 resistance, it could easily slip into the abyss once more. The immediate support? A humble $0.6630. It’s not much, but it’s something to cling to.

The next big support level lurks at $0.6500, and should ADA breach that, it could be the beginning of a march toward $0.6320. After that, the mighty $0.6175 level may be where the bulls decide to make their final stand. But who’s counting?

Technical Indicators:

Hourly MACD – Losing momentum in the bullish zone. Is it a sign of retreat, or just a tactical pause?

Hourly RSI – Now above the 50 level. Not exactly inspiring, but hey, it’s above 50!

Major Support Levels – $0.6630 and $0.6500.

Major Resistance Levels – $0.6850 and $0.7090.

Read More

2025-05-07 08:24