Cardano (ADA) Price Analysis: Bulls Aim Steady Increase

• Cardano (ADA) price is attempting a fresh increase from the $0.4050 zone against the US Dollar.
• The price is now trading above $0.500 and the 55 simple moving average (4 hours).
• There was a break above a major bearish trend line with resistance at $0.500 on the 4-hour chart (data feed via Coinbase).
• The price could gain bullish momentum if it clears the $0.5150 and $0.540 levels.

Cardano (ADA) price is holding the $0.480 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.5150 resistance.

Cardano Price (ADA) Analysis

Earlier this month, Cardano price started a fresh decline from well above the $0.60 zone against the US Dollar. The ADA/USD pair declined below the $0.550 and $0.500 support levels.

It tested the $0.400 zone. A low was formed near $0.4051, and the price recently started a fresh increase. 

There was a move above the $0.4650 and $0.480 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.6241 swing high to the $0.4051 low.

There was a break above a major bearish trend line with resistance at $0.500 on the 4-hour chart. ADA price is now trading above $0.500 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.5150 zone or the 50% Fib retracement level of the downward move from the $0.6241 swing high to the $0.4051 low. 

See Also: Will Cardano (ADA) Rally To $0.6 Now? Key Insights For Ada Investors

The next major resistance is near the $0.540 level. A clear move above the $0.540 resistance might start a steady increase.

In the stated case, the price may perhaps rise toward the $0.5750 resistance or even $0.600 in the near term. On the downside, immediate support is near the $0.500 level.

The next major support is near the $0.480 level. A clear move below the $0.480 level might send the price toward the $0.420 level. Any more losses might send the price toward the $0.4050 support, below which the bears could aim for a test of $0.3650.

The chart indicates that ADA price is now trading above $0.500 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.5150 and $0.540 levels.

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 – $0.500 and $0.480.
• Key Resistance Levels – $0.5150 and $0.540.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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