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11/01/2022

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Cardano (ADA) Price Analysis: Uptrend In Place above $0.4

The post Cardano (ADA) Price Analysis: Uptrend In Place above $0.4 appeared on BitcoinEthereumNews.com. ADA price seems to be forming a support base above the $0.40 level against the US Dollar. The price is now trading above $0.38 and...

Cardano (ADA) Price Analysis: Uptrend In Place above $0.4
  • ADA price seems to be forming a support base above the $0.40 level against the US Dollar.
  • The price is now trading above $0.38 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.405 on the 4-hours chart (data feed via Bitfinex).
  • The price could gain bullish momentum if it clears the $0.420 and $0.440 levels.

Cardano price is showing positive signs above $0.380 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.420 resistance.

Cardano Price Analysis

This past week, cardano price started a steady increase above the $0.350 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.365 and $0.380 levels.

It even broke the $0.40 level and settled well above the 55 simple moving average (4-hours). It traded as high as $0.4407 and recently started a downside correction. There was a move below the $0.420 and $0.412 levels. The price declined below the 50% Fib retracement level of the upward move from the $0.3779 swing low to $0.4407 high.

It is now trading above $0.38 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.405 on the 4-hours chart.

On the upside, an immediate resistance is near the $0.420 zone. A clear move above the $0.420 resistance might start a strong increase. The next major resistance is near the $0.440 level. A clear upside break above the $0.440 level might send the price towards the $0.50 resistance or even $0.520.

On the downside, an immediate support is near the $0.405 level and the trend line. The next major support is near the $0.392 level and the 55 simple moving average (4-hours). A clear move below the $0.392 level might send the price towards the $0.365 level. Any more losses might send the price towards the $0.350 support.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.380 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.420 and $0.440 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 – $0.405 and $0.392.

Key Resistance Levels – $0.420 and $0.440.

Tags: ADA, Cardano

Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-uptrend-in-place-above-0-4/

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