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09/06/2022

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Cardano (ADA) Price Analysis: Bulls Aim Fresh Surge To $0.60

ADA price started a fresh increase above the $0.45 resistance against the US Dollar. The price is now trading above $0.47 and the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near...

Cardano (ADA) Price Analysis: Bulls Aim Fresh Surge To $0.60
  • ADA price started a fresh increase above the $0.45 resistance against the US Dollar.
  • The price is now trading above $0.47 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.480 on the 4-hours chart (data feed via Bitfinex).
  • The price could gain bullish momentum if it stays above the $0.480 support zone.

Cardano price is showing positive signs above $0.480 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.51 resistance.

Cardano Price Analysis

This week, cardano price started a decent increase above the $0.450 level against the US Dollar. The ADA/USD pair was able to clear the $0.465 and $0.470 resistance levels.

During the increase, the price was able to clear the $0.480 resistance and the 55 simple moving average (4-hours). The price climbed above the 23.6% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low.

It is now trading above $0.47 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.480 on the 4-hours chart.

On the upside, an immediate resistance is near the $0.500 zone. The next major resistance is near the $0.510 level.  It is near the 50% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low. The main hurdle is near $0.530.

A clear upside break above the $0.530 level might send the price towards the $0.600 resistance. On the downside, an immediate support is near the $0.49 level.

The next major support is near the $0.480 level and the trend line. The main support is now near the $0.465 level. A clear move below the trend line and $0.465 might send the price towards the $0.450 level. Any more losses might send the price towards the $0.425 support.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.48 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it stays above the $0.480 support zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now above the 50 level.

Key Support Levels – $0.480 and $0.465.

Key Resistance Levels – $0.510 and $0.600.

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