Cardano (ADA) Price Analysis: Bulls Remain In Control Above $0.55

ADA price started a downside correction from the $0.700 zone against the US Dollar.
The price is now trading above $0.55 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.5803 on the 4-hour chart (data feed via Coinbase).
The price could start a fresh increase if it clears the $0.620 and $0.650 resistance levels.

Cardano’s price is consolidating above $0.550 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.620 resistance.

In the past few weeks, Cardano’s price started a steady increase above the $0.550 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.600 and $0.620 levels.

The price tested the $0.700 zone. The recent high was formed near $0.6950 and the price corrected lower. There was a move below the $0.620 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $0.5094 swing low to the $0.6950 high.

However, the bulls are now protecting the $0.550 support. The 76.4% Fib retracement level of the upward move from the $0.5094 swing low to the $0.6950 high also acted as a support.

ADA price is still trading above $0.550 and the 55 simple moving average (4 hours). There was also a break above a key bearish trend line with resistance near $0.5803 on the 4-hour chart. On the upside, immediate resistance is near the $0.620 zone.

The next major resistance is near the $0.650 zone. A clear move above the $0.650 resistance might start a strong increase toward $0.700. Any more gains above the $0.700 resistance might send the price toward the $0.720 resistance or even $0.750.

On the downside, immediate support is near the $0.550 level. The next major support is near the $0.510 level. A clear move below the $0.510 level might send the price toward the $0.485 level. Any more losses might send the price toward the $0.450 support.

The chart indicates that ADA price is now trading above $0.550 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.620 and $0.650 resistance levels.