HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Remain In Control Above $0.0420

Cardano (ADA) Price Analysis: Bulls Remain In Control Above $0.0420

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...
spot_imgspot_img
  • ADA price rallied recently above the $0.0400 and $0.0420 resistance levels against the US Dollar.
  • The price is currently consolidating above the key $0.0420 support areas.
  • There is a short term rising channel forming with support near $0.0425 on the 4-hours chart (data feed via Kraken).
  • The price is likely to find a strong support near the $0.0420 and $0.0415 levels.

Cardano price is trading in an uptrend against the US Dollar and bitcoin. ADA price correct lower in the near term, but it remains well supported above $0.0400.

Cardano Price Analysis

After tagging the $0.0350 support area, cardano price started a strong upward move against the US Dollar. ADA/USD climbed higher and broke many resistances near the $0.0380 and $0.0400 levels.

Moreover, there was a close above the $0.0400 level and the 55 simple moving average (4-hours). During the rise, there was a break above a crucial bearish trend line with resistance near $0.0390 on the 4-hours chart.

Finally, the price surged above the $0.0420 resistance and traded to a new monthly high near the $0.0448 level. Recently, the price started consolidating gains and corrected below the $0.0435 level.

Additionally, there was a break below the 23.6% Fibonacci retracement level of the recent rally from the $0.0393 low to $0.0448 high. At the outset, there is a short term rising channel forming with support near $0.0425 on the same chart.

The main support on the downside is near the $0.0420 level. It coincides with the previous resistance and the 50% Fibonacci retracement level of the recent rally from the $0.0393 low to $0.0448 high.

If there is a downside break below $0.0420, the price could test the $0.0415 support. Any further losses might lead cardano price towards the $0.0400 support and the 55 simple moving average (4-hours).

On the upside, an initial resistance is near the $0.0440 and $0.0450 levels. If there is a clear break above the $0.0450 resistance, the price could start anther rise towards the $0.0500 resistance. An intermediate resistance is near the $0.0480 and $0.0482 levels.

Cardano Price

The chart indicates that ADA price is clearly trading in a solid uptrend above the $0.0420 and $0.0415 support levels. Having said that, there could be a downside correction below the $0.0420 support. The key support is near the $0.0400 level, below which the price may perhaps move back into a bearish zone.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is currently correcting lower and is approaching towards the 50 level.

Key Support Levels – $0.0420 and $0.0400.

Key Resistance Levels – $0.0440 and $0.0450.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img