HomeAltcoin NewsCardano (ADA) Price Analysis: Crucial Hurdle Ahead at $0.05

Cardano (ADA) Price Analysis: Crucial Hurdle Ahead at $0.05

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  • ADA price is gaining bullish momentum and it broke the $0.0435 resistance against the US Dollar.
  • It is now approaching a major resistance zone near the $0.0500 level.
  • There is a key bullish trend line forming with support near $0.0470 on the 4-hours chart (data feed via Kraken).
  • The price could continue to rise if it clears the $0.0490 and $0.0500 resistance levels.

Cardano price is currently trading in a nice uptrend against the US Dollar, similar to bitcoin. ADA price must surpass the $0.0500 resistance level for a larger rally to $0.0620 or $0.0650.

Cardano Price Analysis

In the past few days, cardano price remained in a strong bullish zone above the $0.0400 pivot level against the US Dollar. The ADA/USD pair even climbed above the $0.0435 resistance zone to move in an uptrend.

Moreover, there was a close above the $0.0435 level and the 55 simple moving average (4-hours). A new monthly high is formed near $0.0481 and it is currently showing a lot of positive signs for more upsides.

Recently, there was a downside correction from the $0.0481 high. It corrected below the 23.6% Fibonacci retracement level of the upward move from the $0.0443 swing low to $0.0481 high.

It is currently consolidating above the $0.0470 levels. There is also a key bullish trend line forming with support near $0.0470 on the 4-hours chart. If there is a downside break below the $0.0470 level, the next support is near the $0.0462 level.

It is close to the 50% Fibonacci retracement level of the upward move from the $0.0443 swing low to $0.0481 high. Any further losses may perhaps lead the price towards the $0.0435 pivot and support level.

On the upside, an initial hurdle is near the $0.0480 zone. A clear break above the $0.0480 level and the $0.0481 high could open the doors for a wave towards the $0.0500 level.

A clear break and close above the $0.0500 level is needed for a larger rally. The next major resistance is seen near the $0.0600 and $0.0620 level.

Cardano Price
Cardano Price

The chart indicates that ADA price is trading in a positive zone above the $0.0462 and $0.0450 levels. Having said that, the price might continue to rally above the $0.0500 level in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently showing positive signs in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now rising towards the 70 level.

Key Support Levels – $0.0462 and $0.0435.

Key Resistance Levels – $0.0480 and $0.0500.

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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