Cardano (ADA) Price Analysis: Is the Recovery Just Getting Started? | Live Bitcoin News
ADA price is struggling to climb above the $0.2920 zone against the US Dollar. The price is now trading near $0.288 and the 55 simple moving average (4 hours). There is a connecting bullish trend line forming...
- ADA price is struggling to climb above the $0.2920 zone against the US Dollar.
- The price is now trading near $0.288 and the 55 simple moving average (4 hours).
- There is a connecting bullish trend line forming with support near $0.2850 on the 4-hour chart (data feed via Coinbase).
- The price could gain bullish momentum if it clears the $0.292 and $0.302 levels.
Cardano price is holding the $0.276 support against the US Dollar, similar to Bitcoin. ADA price could gain bullish momentum if it clears the $0.302 resistance.
This past week, Cardano price saw a decent upward move from the $0.276 support against the US Dollar. The ADA/USD pair was able to climb above the $0.285 and $0.292 resistance levels.
However, the bears were active near the $0.302 zone. A high is formed near $0.3018 before there was a fresh decline. A low is formed near $0.2768 and the price is now rising. It broke the 50% Fib retracement level of the downward move from the $0.3018 swing high to the $0.2768 low.
ADA is now trading near $0.288 and the 55 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $0.285 on the 4-hour chart.
On the upside, immediate resistance is near the $0.292 zone. It is close to the 61.8% Fib retracement level of the downward move from the $0.3018 swing high to the $0.2768 low. The next major resistance is near the $0.302 level.
A clear move above the $0.302 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.325 resistance or even $0.332.
On the downside, immediate support is near the $0.285 level. The next major support is near the $0.276 level. A clear move below the $0.276 level might send the price toward the $0.265 level. Any more losses might send the price toward the $0.242 support, below which the bears could aim for a test of $0.225.
The chart indicates that ADA price is now trading near $0.288 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.292 and $0.302 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 above the 50 level.
Key Support Levels – $0.285 and $0.276.
Key Resistance Levels – $0.292 and $0.302.
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