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02/13/2024

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

ADA price is gaining pace above the $0.5350 zone against the US Dollar. The price is now trading above $0.540 and the 55 simple moving average (4 hours). There is a key rising channel forming with support...

Cardano (ADA) Price Analysis: Signs Suggest Rally To $0.65 | Live Bitcoin News
  • ADA price is gaining pace above the $0.5350 zone against the US Dollar.
  • The price is now trading above $0.540 and the 55 simple moving average (4 hours).
  • There is a key rising channel forming with support near $0.5420 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to rise if it clears the $0.5680 and $0.600 resistance levels.

Cardano price is rising above $0.540 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.5680 resistance.

This week, Cardano price started a steady increase above the $0.500 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.5320 and $0.540 levels.

The bulls were able to pump the price above the $0.550 resistance. The price even spiked above the $0.560 resistance. A high is formed near $0.5687 and the price is now consolidating gains. It is trading below the 23.6% Fib retracement level of the upward move from the $0.5308 swing low to the $0.5687 high.

ADA price is still trading above $0.540 and the 55 simple moving average (4 hours). There is also a key rising channel forming with support near $0.5420 on the 4-hour chart.

On the upside, immediate resistance is near the $0.5680 zone. The next major resistance is near the $0.580 zone. A clear move above the $0.580 resistance might start a strong increase toward $0.600. Any more gains above the $0.600 resistance might send the price toward the $0.620 resistance or even $0.650.

On the downside, immediate support is near the $0.550 level or the 50% Fib retracement level of the upward move from the $0.5308 swing low to the $0.5687 high.

The next major support is near the $0.540 level or the channel trend line, below which the price could test $0.530. A clear move below the $0.530 level might send the price toward the $0.500 level. Any more losses might send the price toward the $0.465 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.540 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.5680 and $0.580 resistance 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 – $0.550 and $0.540.

Key Resistance Levels – $0.568 and $0.600.

AD

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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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