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01/02/2024

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Cardano (ADA) Price Analysis: Can It Rally Above This Hurdle? | Live Bitcoin News

ADA price is attempting a fresh increase above the $0.605 zone against the US Dollar. The price is now trading above $0.612 and the 55 simple moving average (4 hours). There is a key bullish trend line...

Cardano (ADA) Price Analysis: Can It Rally Above This Hurdle? | Live Bitcoin News
  • ADA price is attempting a fresh increase above the $0.605 zone against the US Dollar.
  • The price is now trading above $0.612 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.5950 on the 4-hour chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.640 and $0.6550 levels.

Cardano price is holding the $0.600 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.640 resistance.

This past week, Cardano price started a fresh decline from well above the $0.6700 zone against the US Dollar. The ADA/USD pair declined below the $0.6400 and $0.6400 support levels.

It tested the $0.5800 zone. A low was formed near $0.5800, and the price recently started a fresh increase. There was a move above the $0.600 and $0.605 resistance levels. The price even spiked above the 50% Fib retracement level of the downward move from the $0.6785 swing high to the $0.5800 low.

ADA price is now trading above $0.612 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.5950 on the 4-hour chart.

On the upside, immediate resistance is near the $0.640 zone. It is near the 61.8% Fib retracement level of the downward move from the $0.6785 swing high to the $0.5800 low. The next major resistance is near the $0.655 level.

A clear move above the $0.655 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.680 resistance or even $0.700 in the near term.

On the downside, immediate support is near the $0.610 level. The next major support is near the $0.600 level. A clear move below the $0.600 level might send the price toward the $0.580 level. Any more losses might send the price toward the $0.5620 support, below which the bears could aim for a test of $0.540.

Cardano Price (ADA)
Cardano Price (ADA)

The chart indicates that ADA price is now trading above $0.600 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.640 and $0.6550 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 – $0.610 and $0.600.

Key Resistance Levels – $0.640 and $0.6550.

AD

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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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