- ADA price is trading in a bullish zone above the $0.0530 support against the US Dollar.
- The price traded as high as $0.0571 and it is currently sighting more gains.
- There is a major bullish trend line forming with support near $0.0550 on the 4-hours chart (data feed via Kraken).
- The price could dip a few points, but it is likely to find support near $0.0550 and rise again.
Cardano price is gaining bullish momentum above $0.0550 against the US Dollar, similar to bitcoin. ADA price remains positive and it seems like the bulls are eyeing a test of $0.0600.
Cardano Price Analysis
This past week, cardano price remained well bid above the $0.0450 support against the US Dollar. The ADA/USD pair started a strong rise and broke many hurdles near the $0.0480 and $0.0500 levels.
Besides, there was a break above the $0.0530 resistance and the 55 simple moving average (4-hours). Finally, it climbed above the $0.0550 level and traded as high as $0.0571.
The price is currently consolidating gains and trading just below the 23.6% Fibonacci retracement level of the upward move from the $0.0526 low to $0.0571 high. The first major support on the downside is near the $0.0550 level.
There is also a major bullish trend line forming with support near $0.0550 on the 4-hours chart. The trend line coincides with the 50% Fibonacci retracement level of the upward move from the $0.0526 low to $0.0571 high.
If there is a downside break below the $0.0550 support, there are chances of more losses. The next major support is near the $0.0530 level (the recent breakout zone), where the bulls are likely to take a stand.
On the upside, the $0.0575 and $0.0580 levels are initial hurdles for the bulls. The main resistance zone on the upside is near the $0.0592 and $0.0600 levels. If there is a clear break above the $0.0600 level, the price might continue to rise towards the $0.0620 level.
The chart indicates that ADA price is trading in a solid bullish zone above the $0.0530 and $0.0550 levels. Therefore, there are high chances of a sustained upward move towards $0.0600 and $0.0620 unless the bears are able to push the price below the $0.0530 support.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is currently gaining momentum in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now well above the 55 level.
Key Support Levels – $0.0550 and $0.0530.
Key Resistance Levels – $0.0580 and $0.0600.
