Logo
Cardano Ecosystem

Live BTC News

02/06/2024

·

23 views


Cardano (ADA) Price Analysis: Risk of Downside Break Below $0.480 | Live Bitcoin News

ADA price started a downside correction from the $0.538 zone against the US Dollar. The price is now trading below $0.52 and the 55 simple moving average (4 hours). There was a break below a major bullish...

Cardano (ADA) Price Analysis: Risk of Downside Break Below $0.480 | Live Bitcoin News
  • ADA price started a downside correction from the $0.538 zone against the US Dollar.
  • The price is now trading below $0.52 and the 55 simple moving average (4 hours).
  • There was a break below a major bullish trend line with support near $0.500 on the 4-hour chart (data feed via Coinbase).
  • The price could start a fresh increase if it clears the $0.510 and $0.520 resistance levels.

Cardano’s price is consolidating above $0.4650 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.520 resistance.

In the past few weeks, Cardano’s price started a steady increase above the $0.485 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.500 and $0.520 levels.

The price tested the $0.538 zone. The recent high was formed near $0.5376 and the price corrected lower. There was a move below the $0.520 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $0.4473 swing low to the $0.5376 high.

There was a break below a major bullish trend line with support near $0.500 on the 4-hour chart. ADA price is now trading below $0.520 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.510 zone. The next major resistance is near the $0.520 zone. A clear move above the $0.520 resistance might start a strong increase toward $0.538. Any more gains above the $0.538 resistance might send the price toward the $0.565 resistance or even $0.600.

On the downside, immediate support is near the $0.480 level. The next major support is near the $0.4680 level or the 76.4% Fib retracement level of the upward move from the $0.4473 swing low to the $0.5376 high.

A clear move below the $0.468 level might send the price toward the $0.4350 level. Any more losses might send the price toward the $0.4120 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.520 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.510 and $0.520 resistance levels.

Technical Indicators

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

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

Key Support Levels – $0.480 and $0.468.

Key Resistance Levels – $0.510 and $0.520.

AD

TapTax - Cardano Crypto Taxes Made Simple. Available Now!

Simplify your Crypto Tax experience! From a passive holder, to day trader, to NFT project, we have your taxes covered.BUY NOW!


Read Original Article on Live BTC News

ORIGINAL SOURCE

https://www.livebitcoinnews.com/cardano-...

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.


Genius Yields DEX Launched!

More from Live BTC News

See more
Cardano (ADA) Price Analysis: Signs Suggest Rally To $0.65 | Live Bitcoin News
Live BTC News
Cardano (ADA) Price Analysis: Signs Suggest Rally To $0.65 | Live Bitcoin News

02/13/2024

·

17 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)