HomeAltcoin NewsCardano (ADA) Price Analysis: Bulls Struggle Near Key Hurdle

Cardano (ADA) Price Analysis: Bulls Struggle Near Key Hurdle

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  • ADA price is still struggling to clear the $0.40 zone against the US Dollar.
  • The price is now trading above $0.370 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.374 on the 4-hour chart (data feed via Coinbase).
  • The price could start a fresh increase if it clears the $0.395 and $0.400 resistance levels.

Cardano’s price is rising above $0.350 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.400 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano’s price started a steady increase above the $0.350 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.355 and $0.370 levels.

The price tested the $0.400 zone. The bulls made 2-3 attempts to clear the $0.400 hurdle, but they failed. The recent high was formed near $0.3996 and the price is now correcting lower. There was a move below the $0.388 support zone.

The price dipped below the 23.6% Fib retracement level of the upward move from the $0.3500 swing low to the $0.3996 high. ADA price is still trading above $0.370 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.374 on the 4-hour chart.

On the upside, immediate resistance is near the $0.395 zone. The next major resistance is near the $0.400 zone. A clear move above the $0.400 resistance might start a strong increase toward $0.420. Any more gains above the $0.420 resistance might send the price toward the $0.450 resistance or even $0.465.

On the downside, immediate support is near the $0.375 level or the 50% Fib retracement level of the upward move from the $0.3500 swing low to the $0.3996 high.

The next major support is near the $0.374 level or the trend line. A clear move below the $0.374 level might send the price toward the $0.350 level. Any more losses might send the price toward the $0.338 support.

Cardano (ADA) Price Analysis
Cardano (ADA) Price Chart

The chart indicates that ADA price is now trading above $0.370 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.395 and $0.400 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 – $0.374 and $0.350.

Key Resistance Levels – $0.395 and $0.400.

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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