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05/07/2024

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Cardano (ADA) Price Analysis: Can Bulls Clear This Hurdle? | Live Bitcoin News

ADA price is attempting a fresh increase from the $0.4180 zone against the US Dollar. The price is now trading below $0.500 and the 55 simple moving average (4 hours). There was a break above a major bearish...

Cardano (ADA) Price Analysis: Can Bulls Clear This Hurdle? | Live Bitcoin News
  • ADA price is attempting a fresh increase from the $0.4180 zone against the US Dollar.
  • The price is now trading below $0.500 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance at $0.4420 on the 4-hour chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.4600 and $0.480 levels.

Cardano price is holding the $0.4420 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.4800 resistance.

Earlier this month, Cardano price started a fresh decline from well above the $0.50 zone against the US Dollar. The ADA/USD pair declined below the $0.480 and $0.450 support levels.

It tested the $0.4180 zone. A low was formed near $0.4179, and the price recently started a fresh increase. There was a move above the $0.4250 and $0.440 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.5219 swing high to the $0.4179 low.

There was a break above a major bearish trend line with resistance at $0.4420 on the 4-hour chart. However, the bears are active near the 50% Fib retracement level of the downward move from the $0.5219 swing high to the $0.4179 low.

ADA price is now trading below $0.500 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.460 zone.

The next major resistance is near the $0.480 level. A clear move above the $0.480 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.50 resistance or even $0.520 in the near term. On the downside, immediate support is near the $0.4420 level.

The next major support is near the $0.4180 level. A clear move below the $0.4180 level might send the price toward the $0.400 level. Any more losses might send the price toward the $0.3850 support, below which the bears could aim for a test of $0.3650.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.450 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.460 and $0.480 levels.

Technical Indicators

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

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

Key Support Levels – $0.4420 and $0.4180.

Key Resistance Levels – $0.4600 and $0.4800.

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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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