Cardano (ADA) Price Analysis: Key Support Nearby At $0.57

• ADA price started a steady recovery wave from the $0.54 zone against the US Dollar.
• The price is now trading above $0.55 and the 55 simple moving average (4-hours).
• There is a major bullish trend line forming with support near $0.575 on the 4-hours chart (data feed via Bitfinex).
• The price could continue to rise if it stays above the $0.550 support zone in the near term.

Cardano price is showing positive signs above $0.55 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears $0.600 and $0.620.

Cardano Price Analysis

This week, cardano price started a steady increase above the $0.550 resistance zone against the US Dollar. The ADA/USD pair gained pace above the $0.600 level to move into a positive zone.

The price settled above $0.55 and the 55 simple moving average (4-hours). It even spiked above the $0.620 resistance zone. However, the bears remained active near the $0.65 level. A high was formed near $0.6463 and the price started a fresh decline.

There was a move below the $0.620 and $0.600 support levels. Moreover, the price moved below the 50% Fib retracement level of the upward move from the $0.5391 swing low to $0.6463 high.

The bears pushed the price below the $0.600 support level. The bulls are now protecting the 61.8% Fib retracement level of the upward move from the $0.5391 swing low to $0.6463 high. Besides, there is also a major bullish trend line forming with support near $0.575 on the 4-hours chart.

On the upside, an immediate resistance is near the $0.600 zone. The next major resistance is near the $0.615 level. A clear upside break above the $0.615 level might send the price towards the $0.65 resistance.

Any more gains could start a steady increase towards the $0.72 level in the near term. On the downside, an immediate support is near the $0.575 level.

The next major support is near the $0.55 level. If there are additional losses, the price may perhaps decline towards the $0.52 support level. A break below $0.52 could push the price towards the $0.50 level.

The chart indicates that ADA price is now trading above $0.55 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it stays above the $0.550 support zone in the near term.

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 – $0.575 and $0.550.

Key Resistance Levels – $0.615 and $0.650.

Tags: ADA, Cardano