HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Could Pump Price To $0.70

Cardano (ADA) Price Analysis: Bulls Could Pump Price To $0.70

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  • ADA price is attempting a fresh increase above the $0.600 zone against the US Dollar.
  • The price is now trading above $0.600 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with support near $0.5980 on the 4-hour chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.6200 and $0.6350 levels.

Cardano price is holding the $0.600 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.635 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano price started a fresh decline from well above the $0.6500 zone against the US Dollar. The ADA/USD pair declined below the $0.6200 and $0.6000 support levels.

It tested the $0.5500 zone. A low was formed near $0.5432, and the price recently started a fresh increase. There was a move above the $0.580 and $0.600 resistance levels. The price even spiked above the 50% Fib retracement level of the downward move from the $0.6950 swing high to the $0.5432 low.

ADA price is now trading above $0.600 and the 55 simple moving average (4 hours). There is also a key contracting triangle forming with support near $0.5980 on the 4-hour chart.

On the upside, immediate resistance is near the $0.600 zone. The next major resistance is near the $0.635 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.6950 swing high to the $0.5432 low.

A clear move above the $0.635 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.650 resistance or even $0.665 in the near term.

On the downside, immediate support is near the $0.598 level. The next major support is near the $0.550 level. A clear move below the $0.50 level might send the price toward the $0.5100 level. Any more losses might send the price toward the $0.4450 support, below which the bears could aim for a test of $0.412.

Cardano Price (ADA)
Cardano Price (ADA)

The chart indicates that ADA price is now trading above $0.600 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.6200 and $0.6350 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 – $0.600 and $0.5550.

Key Resistance Levels – $0.6200 and $0.6350.

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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