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12/19/2023

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Cardano (ADA) Price Analysis: Bulls Remain In Control Above $0.55 | Live Bitcoin News

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...

Cardano (ADA) Price Analysis: Bulls Remain In Control Above $0.55 | Live Bitcoin News
  • 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.

Cardano (ADA) Price
Cardano (ADA) Price

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.

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 – $0.550 and $0.510.

Key Resistance Levels – $0.620 and $0.650.

AD

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ORIGINAL SOURCE

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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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