HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aim Upside Break To $0.5

Cardano (ADA) Price Analysis: Bulls Aim Upside Break To $0.5

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  • ADA price seems to be forming a support base above the $0.435 level against the US Dollar.
  • The price is now trading above $0.45 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.468 on the 4-hours chart (data feed via Bitfinex).
  • The price could gain bullish momentum if it clears the $0.468 and $0.480 levels.

Cardano price is showing positive signs above $0.450 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.468 resistance.

Cardano Price Analysis

This past week, cardano price saw a minor bearish reaction below the $0.48 level against the US Dollar. The ADA/USD pair declined below the $0.45 level, but the bulls were active near the $0.435 support zone.

The price traded as low as $0.4366 and is currently correcting losses. There was a minor increase above the $0.445 resistance level and the 55 simple moving average (4-hours). The bulls even pushed the price towards the 50% Fib retracement level of the recent decline from the $0.4833 swing high to $.4366 low.

It is now trading above $0.45 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.465 zone.

Besides, there is a major bearish trend line forming with resistance near $0.468 on the 4-hours chart. The trend line is near the 61.8% Fib retracement level of the recent decline from the $0.4833 swing high to $.4366 low. A clear move above the trend line resistance might start a strong increase.

The next major resistance is near the $0.483 level. A clear upside break above the $0.483 level might send the price towards the $0.500 resistance or even $0.520.

On the downside, an immediate support is near the $0.450 level. The next major support is near the $0.435 level. A clear move below the trend line and $0.435 might send the price towards the $0.420 level. Any more losses might send the price towards the $0.400 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.450 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.468 and $0.480 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 – $0.435 and $0.420.

Key Resistance Levels – $0.465 and $0.483.

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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