HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Face Hurdles Near $0.48

Cardano (ADA) Price Analysis: Bulls Face Hurdles Near $0.48

-

  • ADA price started a recovery wave from the $0.435 support zone against the US Dollar.
  • The price is now trading near $0.465 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $0.45 on the 4-hours chart (data feed via Bitfinex).
  • The price could start a recovery wave if it clears the $0.480 and $0.510 resistance levels.

Cardano price is struggling below $0.50 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears $0.48 and $0.51.

Cardano Price Analysis

This past week, cardano price saw a bearish wave from the $0.525 resistance zone against the US Dollar. The ADA/USD pair gained pace below the $0.50 level to move into a bearish zone.

The price settled below $0.48 and the 55 simple moving average (4-hours). The price even traded below the $0.45 support zone and traded as low as $0.435. Recently, the price started an upside correction above the $0.450 level. There was a move above the $0.460 and $0.462 resistance levels.

The price climbed above the 23.6% Fib retracement level of the downward move from the $0.525 swing high to $0.435 low. Besides, there was a break above a major bearish trend line with resistance near $0.45 on the 4-hours chart.

It is now trading near $0.465 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.475 zone. It is near the 50% Fib retracement level of the downward move from the $0.525 swing high to $0.435 low.

The next major resistance is near the $0.510 level. The main hurdle is near $0.525. A clear upside break above the $0.525 level might send the price towards the $0.60 resistance.  Any more gains could start a steady increase towards the $0.65 level in the near term.

On the downside, an immediate support is near the $0.450 level. The next major support is near the $0.435 level, below which the price may perhaps decline towards the $0.40 support level.

Cardano Price
Cardano Price

The chart indicates that ADA price is now trading near $0.465 and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if it clears the $0.480 and $0.510 resistance levels.

Technical Indicators

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

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

Key Support Levels – $0.450 and $0.435.

Key Resistance Levels – $0.480 and $0.510.

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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular