HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim More Upsides Above $0.27

Cardano (ADA) Price Analysis: Bulls Aim More Upsides Above $0.27

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  • ADA price is correcting gains from the $0.270 zone against the US Dollar.
  • The price is now trading above $0.250 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.256 on the 4-hours chart (data feed via Coinbase).
  • The price could start a fresh increase if it clears the $0.265 and $0.270 resistance levels.

Cardano’s price is rising above $0.255 against the US Dollar, similar to Bitcoin. ADA price could resume its rally if there is a clear move above the $0.270 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano’s price started a steady increase above the $0.250 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.255 and $0.262 levels.

The price tested the $0.270 zone. A high was formed near $0.2697 and the price is now correcting lower. There was a move below the $0.2650 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.2405 swing low to the $0.2607 high.

However, ADA price is now trading above $0.256 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.2650 zone.

The next major resistance is near the $0.270 zone. A clear move above the $0.270 resistance might start a strong increase toward $0.285. Any more gains above the $0.285 resistance might send the price toward the $0.300 resistance or even $0.325.

On the downside, immediate support is near the $0.256 level. There is also a key bullish trend line forming with support near $0.256 on the 4-hours chart.

The next major support is near the $0.255 level. It is near the 50% Fib retracement level of the upward move from the $0.2405 swing low to the $0.2607 high. A clear move below the $0.255 level might send the price toward the $0.232 level. Any more losses might send the price toward the $0.220 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.255 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.265 and $0.270 resistance levels.

Technical Indicators

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

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

Key Support Levels – $0.255 and $0.240.

Key Resistance Levels – $0.2650 and $0.270.

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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