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HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Fresh Surge To $0.60

Cardano (ADA) Price Analysis: Bulls Aim Fresh Surge To $0.60

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  • ADA price started a fresh increase above the $0.45 resistance against the US Dollar.
  • The price is now trading above $0.47 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.480 on the 4-hours chart (data feed via Bitfinex).
  • The price could gain bullish momentum if it stays above the $0.480 support zone.

Cardano price is showing positive signs above $0.480 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.51 resistance.

Cardano Price Analysis

This week, cardano price started a decent increase above the $0.450 level against the US Dollar. The ADA/USD pair was able to clear the $0.465 and $0.470 resistance levels.

During the increase, the price was able to clear the $0.480 resistance and the 55 simple moving average (4-hours). The price climbed above the 23.6% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low.

It is now trading above $0.47 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.480 on the 4-hours chart.

On the upside, an immediate resistance is near the $0.500 zone. The next major resistance is near the $0.510 level.  It is near the 50% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low. The main hurdle is near $0.530.

A clear upside break above the $0.530 level might send the price towards the $0.600 resistance. On the downside, an immediate support is near the $0.49 level.

The next major support is near the $0.480 level and the trend line. The main support is now near the $0.465 level. A clear move below the trend line and $0.465 might send the price towards the $0.450 level. Any more losses might send the price towards the $0.425 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.48 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it stays above the $0.480 support zone.

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 – $0.480 and $0.465.

Key Resistance Levels – $0.510 and $0.600.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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