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03/05/2024

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Cardano (ADA) Price Analysis: Bulls In Control Above $0.75 | Live Bitcoin News

ADA price is gaining pace above the $0.750 zone against the US Dollar. The price is now trading above $0.760 and the 55 simple moving average (4 hours). There is a key bullish trend line forming with support...

Cardano (ADA) Price Analysis: Bulls In Control Above $0.75 | Live Bitcoin News
  • ADA price is gaining pace above the $0.750 zone against the US Dollar.
  • The price is now trading above $0.760 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.7610 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to rise if it clears the $0.800 and $0.820 resistance levels.

Cardano price is rising above $0.70 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.80 resistance.

This week, Cardano price started a steady increase above the $0.700 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.720 and $0.750 levels.

The bulls were able to pump the price above the $0.6750 resistance. The price even spiked above the $0.680 resistance. A high is formed near $0.7991 and the price is now consolidating gains. It is trading below the 23.6% Fib retracement level of the upward move from the $0.6899 swing low to the $0.7991 high.

ADA price is still trading above $0.760 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.7610 on the 4-hour chart.

On the upside, immediate resistance is near the $0.780 zone. The next major resistance is near the $0.80 zone. A clear move above the $0.80 resistance might start a strong increase toward $0.825. Any more gains above the $0.825 resistance might send the price toward the $0.850 resistance or even $0.880.

On the downside, immediate support is near the $0.7610 level or the trend line. The next major support is near the $0.7445 level or the 50% Fib retracement level of the upward move from the $0.6899 swing low to the $0.7991 high, below which the price could test $0.720.

A clear move below the $0.720 level might send the price toward the $0.700 level. Any more losses might send the price toward the $0.6880 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.760 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.80 and $0.820 resistance 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 – $0.760 and $0.7450.

Key Resistance Levels – $0.80 and $0.820.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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