The ADA price is struggling to get bullish momentum above the 0.5 dollar zone, and it should essentially stay above the $0.480 support level to kickstart an upward movement. The current price of ADA trades above $0.480, and there is a bullish trend line near $0.480. There are possibilities of gaining bullish momentum if the close is above $0.500 and Cardano underwent a period of recovery recently. It was lagging behind Ethereum and Bitcoin, and the ADA price surpassed the levels of $0.4750 and $0.480.
The ADA is still experiencing a price spike, and there has recently been a reported downside correction.There was a time when the ADA price dropped below $0.4980, and the current trend is nearing the 61.8% Fib retracement level. The immediate resistance revolves around the $0.4980 zone, while the first resistance is approximately $0.510.
If Cardano’s price does not reach above the $0.4980 resistance, it may lead to another decline. The upcoming major support will be near the $0.480 level, and technical indicators such as hourly MACD, major support levels, hourly RSI, and major resistance levels will influence ADA price changes.
ADA, or Cardano, the native token of the smart contract ecosystem, has become a hot topic of discussion among cryptocurrency investors recently. A fundamental shift in market sentiment is another reason for ADA’s underperformance. The bullish signal of ADA indicates a potential shift in focus from a downtrend or uptrend. The current price trend will prevent sharp price drops, and it is a reality that the ADA price spike has ignited optimism in the crypto market. The bullish ADA price trend is based on market activity and technical indicators. Since ADA is underperforming, the discussion on ADA alternatives is currently active, and some recommended options are Solana, Retik Finance, and Polygon.
Cardano’s price drop highlights the importance of conducting research before making any strategic investment decisions in 2024. The team at Cardano is pursuing all possible avenues to scale solutions and enhance its capabilities.
The launch of smart contracts is a huge step in Cardano’s inspirational journey, and they are eager to give a renewed outlook to network scalability. The global crypto fraternity eagerly awaits Cardano’s upcoming groundbreaking initiatives. It is particularly important to note that the price drop of ADA hits the headlines at a time when the cryptocurrency market is surging.