HomeAltcoin NewsCardano (ADA) Price Analysis: Can Bulls Push It Above $0.535?

Cardano (ADA) Price Analysis: Can Bulls Push It Above $0.535?

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  • ADA price is attempting a fresh increase from the $0.500 zone against the US Dollar.
  • The price is now trading above $0.510 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.490 on the 4-hour chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.5350 and $0.5500 levels.

Cardano price is holding the $0.500 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.535 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano price started a fresh decline from well above the $0.600 zone against the US Dollar. The ADA/USD pair declined below the $0.550 and $0.5350 support levels.

It tested the $0.4500 zone. A low was formed near $0.4473, and the price recently started a fresh increase. There was a move above the $0.475 and $0.480 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.6196 swing high to the $0.4473 low.

Besides, there was a break above a key bearish trend line with resistance near $0.490 on the 4-hour chart. ADA price is now trading above $0.510 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.535 zone or the 50% Fib retracement level of the downward move from the $0.6196 swing high to the $0.4473 low. The next major resistance is near the $0.550 level. A clear move above the $0.550 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.580 resistance or even $0.600 in the near term.

On the downside, immediate support is near the $0.5120 level. The next major support is near the $0.500 level. A clear move below the $0.500 level might send the price toward the $0.4650 level. Any more losses might send the price toward the $0.4500 support, below which the bears could aim for a test of $0.4200.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.510 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.535 and $0.550 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 – $0.5150 and $0.500.

Key Resistance Levels – $0.535 and $0.550.

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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