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HomeAltcoin NewsCardano (ADA) Price Analysis: Is the Recovery Just Getting Started?

Cardano (ADA) Price Analysis: Is the Recovery Just Getting Started?

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  • ADA price is struggling to climb above the $0.2920 zone against the US Dollar.
  • The price is now trading near $0.288 and the 55 simple moving average (4 hours).
  • There is a connecting bullish trend line forming with support near $0.2850 on the 4-hour chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.292 and $0.302 levels.

Cardano price is holding the $0.276 support against the US Dollar, similar to Bitcoin. ADA price could gain bullish momentum if it clears the $0.302 resistance.

Cardano Price Analysis

This past week, Cardano price saw a decent upward move from the $0.276 support against the US Dollar. The ADA/USD pair was able to climb above the $0.285 and $0.292 resistance levels.

However, the bears were active near the $0.302 zone. A high is formed near $0.3018 before there was a fresh decline. A low is formed near $0.2768 and the price is now rising. It broke the 50% Fib retracement level of the downward move from the $0.3018 swing high to the $0.2768 low.

ADA is now trading near $0.288 and the 55 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $0.285 on the 4-hour chart.

On the upside, immediate resistance is near the $0.292 zone. It is close to the 61.8% Fib retracement level of the downward move from the $0.3018 swing high to the $0.2768 low. The next major resistance is near the $0.302 level.

A clear move above the $0.302 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.325 resistance or even $0.332.

On the downside, immediate support is near the $0.285 level. The next major support is near the $0.276 level. A clear move below the $0.276 level might send the price toward the $0.265 level. Any more losses might send the price toward the $0.242 support, below which the bears could aim for a test of $0.225.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading near $0.288 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.292 and $0.302 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 – $0.285 and $0.276.

Key Resistance Levels – $0.292 and $0.302.

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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