- ADA price started a recovery wave from the $0.420 support zone against the US Dollar.
- The price is now trading near $0.48 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $0.500 on the 4-hours chart (data feed via Bitfinex).
- The price could start a recovery wave if it clears the $0.500 and $0.520 resistance levels.
Cardano price is struggling below $0.52 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears $0.52 and $0.545.
Cardano Price Analysis
This past week, cardano price saw a major decline from the $0.545 resistance zone against the US Dollar. The ADA/USD pair gained pace below the $0.48 level to move into a bearish zone.
The price settled below $0.50 and the 55 simple moving average (4-hours). The price even traded below the $0.45 support zone and traded as low as $0.420. Recently, the price started an upside correction above the $0.450 level. There was a move above the $0.465 and $0.480 resistance levels.
The price climbed above the 23.6% Fib retracement level of the downward move from the $0.669 swing high to $0.420 low. However, the price struggled to clear the $0.525 resistance zone.
It is now trading near $0.48 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $0.480 level. The next major support is near the $0.450 level, below which the price may perhaps decline towards the $0.42 support level.
Any more losses below $0.42 could push the price towards the $0.40 level. On the upside, an immediate resistance is near the $0.50 zone. The next major resistance is near the $0.520 level. The main hurdle is near $0.545 or the 50% Fib retracement level of the downward move from the $0.669 swing high to $0.420 low.
A clear upside break above the $0.545 level might send the price towards the $0.60 resistance. Any more gains could start a steady increase towards the $0.70 level in the near term.
The chart indicates that ADA price is now trading near $0.48 and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if it clears the $0.500 and $0.520 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 below the 50 level.
Key Support Levels – $0.480 and $0.450.
Key Resistance Levels – $0.500 and $0.520.
