Cardano Price Needs to Clear $0.42 for Fresh Rally Hopes
• Cardano’s ADA is attempting to break above $0.42 resistance to start a fresh rally
• The major bearish trend line with resistance near $0.410 on the 4-hour chart is preventing gains
• If ADA fails to move past $0.42, there may be another decline towards the $0.375 support level
Cardano Price Technicals Suggest ADA Needs To Clear $0.42 For Hopes of Fresh Rally
Bearish Trend Line at Major Resistance
Cardano’s (ADA) price is attempting a new increase from the $0.375 support zone. It faces a major bearish trend line with resistance near $0.410 on the 4-hour chart. The price must clear this level and then surpass the $0.42 barrier to start a fresh rally in the coming sessions.
Recent Decline Below Key Supports
This past week, ADA saw a major decline below the key supports such as $0.42 against the US Dollar. The price traded below the $0.40 support zone to move into a short-term bearish zone, similar to Bitcoin and Ethereum it tested the critical support base of around $0.375 and has recently started an upside correction from this level..
Upside Correction Stalls Near Key Resistances
The bulls have been pushing for an upward move above key resistances such as 23.6% Fib retracement level of the downward move from the swing high of around .4614 to low of .3762, 50 simple moving average (4 hours, blue), and most notably at around 041 level but so far have not been able to surpass them yet..
What’s Next for ADA?
If there is a break above these resistances, it could open up further upside momentum for Cardano and push it higher towards potential targets such as 50% Fib retracement level of .4500 or even higher towards 050 levels in due course of time but if there isn’t any breakthrough soon then we can expect more downside pressure leading to 0395 or even lower towards 0375 levels in that case..
Overall, Cardano is reversing losses and trading above key supports at around 0040 but needs to clear important resistances at 0410 and 0420 before continuing its uptrend journey in days ahead otherwise more downside pressure can be expected