HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Aiming $0.08 or Higher

Cardano (ADA) Price Analysis: Bulls Aiming $0.08 or Higher

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  • ADA price is gaining pace above the $0.0620 resistance area against the US Dollar.
  • The price recently broke the $0.0650 level and it could continue to rise in the near term.
  • There is a major bullish trend line forming with support near $0.0610 on the 4-hours chart (data feed via Kraken).
  • The price is likely to surpass the $0.0700 resistance and continue higher in the near term.

Cardano price is trading in a strong uptrend above $0.0600 against the US Dollar, similar to bitcoin. ADA price could soon test the $0.0800 resistance area.

Cardano Price Analysis

In the past few days, cardano price remained in a nice uptrend above $0.0550 against the US Dollar. The ADA/USD pair even climbed above the $0.0620 resistance and the 55 simple moving average (4-hours).

Finally, it broke the $0.0650 resistance and traded to a new 2020 high at $0.0656. It is currently rising and it might continue to rise towards $0.0700. If there is a downside correction, an initial support is near the $0.0640 level.

It represents the 23.6% Fibonacci retracement level of the recent upward move from the $0.0584 low to $0.0656 high. The main support on the downside is now near the $0.0620 level.

More importantly, there is a major bullish trend line forming with support near $0.0610 on the 4-hours chart. An intermediate support is near the 50% Fibonacci retracement level of the recent upward move from the $0.0584 low to $0.0656 high.

Therefore, if cardano price corrects lower, it is likely to find support near the $0.0620 and $0.0610 levels. Any further losses could lead the price towards the $0.0600 support.

On the upside, an initial resistance is near the $0.0680 level, followed by $0.0700. If the bulls able to gain strength above $0.0700, there are chances of a strong rise in the coming sessions.

The next target for the bulls may perhaps be near the $0.0800 level. Any further upsides could lead the price towards the all-important $0.1000 resistance area.

Cardano Price
Cardano Price

The chart indicates that ADA price is following a nice bullish path above the $0.0620 and $0.0610 support levels. On the upside, a clear break above the $0.0680 level might set the pace for a larger upward move.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently well above the 60 level.

Key Support Levels – $0.0620 and $0.0610.

Key Resistance Levels – $0.0700 and $0.0800.

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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