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HomeAltcoin NewsCardano (ADA) Price Analysis: Can Bulls Clear This Hurdle?

Cardano (ADA) Price Analysis: Can Bulls Clear This Hurdle?

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  • ADA price is attempting a fresh increase from the $0.5600 zone against the US Dollar.
  • The price is now trading above $0.600 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance at $0.620 on the 4-hour chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.620 and $0.650 levels.

Cardano price is holding the $0.580 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.620 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano price started a fresh decline from well above the $0.650 zone against the US Dollar. The ADA/USD pair declined below the $0.620 and $0.600 support levels.

It tested the $0.5600 zone. A low was formed near $0.5592, and the price recently started a fresh increase. There was a move above the $0.580 and $0.600 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.6839 swing high to the $0.5592 low.

ADA price is now trading above $0.600 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.620 zone. There is also a major bearish trend line forming with resistance at $0.620 on the 4-hour chart.

The trend line is close to the 50% Fib retracement level of the downward move from the $0.6839 swing high to the $0.5592 low. The next major resistance is near the $0.6360 level.

A clear move above the $0.6360 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.650 resistance or even $0.6850 in the near term.

On the downside, immediate support is near the $0.600 level. The next major support is near the $0.580 level. A clear move below the $0.580 level might send the price toward the $0.560 level. Any more losses might send the price toward the $0.5320 support, below which the bears could aim for a test of $0.500.

Cardano (ADA) Price
Cardano (ADA) Price

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 $0.620 and $0.650 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 $0.580.

Key Resistance Levels – $0.620 and $0.650.

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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