Cardano's price is facing challenges in breaking through the $0.500 barrier. To make a significant upward move, it needs to stay above the $0.480 support level.

Despite struggling to gain momentum above $0.50, Cardano's price is still trading above $0.480 and the 100-hourly simple moving average. A crucial trend line is forming, providing support near $0.480 on the hourly chart of the ADA/USD pair. If the price closes above $0.500, it could gain significant momentum.

Cardano's Price Remains Steady

In recent days, Cardano started to recover from the $0.4620 zone, but it lagged behind Bitcoin and Ethereum. The price broke through the $0.4750 and $0.480 levels, entering a short-term bullish zone. Although it briefly surpassed $0.50, it failed to sustain the upward movement. After forming a high at $0.510, the price experienced a correction, dipping below the $0.4980 support. It also fell below the 23.6% Fib retracement level of the upward move from the $0.4614 swing low to the $0.510 high.

Currently, Cardano is trading above $0.480 and the 100-hourly simple moving average. The key bullish trend line is close to the 61.8% Fib retracement level of the upward move from the $0.4614 swing low to the $0.510 high.

Upside and Downside Possibilities

On the upside, immediate resistance is near the $0.4980 zone. The first significant resistance is at $0.510, followed by $0.5250. If the price closes above $0.5250, it could trigger a strong rally, potentially reaching the $0.5450 region. Further gains might push the price toward $0.5650.

On the other hand, if Cardano's price fails to surpass the $0.4980 resistance, it could experience another decline. Immediate support on the downside is near the $0.450 level, followed by the $0.480 level. A break below $0.480 could lead to a test of $0.4620, with the next major support at $0.450.

Technical Indicators

The hourly MACD for ADA/USD is gaining momentum in the bearish zone. The hourly RSI is now below the 50 level. Major support levels include $0.4850, $0.4800, and $0.4620, while major resistance levels are $0.4980, $0.5100, and $0.5250.