HomeAltcoin NewsCardano (ADA) Price Analysis: More Gains Possible Above $0.058

Cardano (ADA) Price Analysis: More Gains Possible Above $0.058

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  • ADA price is trading in a positive zone above the $0.0500 pivot level against the US Dollar.
  • The price is likely to continue higher towards the $0.0580 and $0.0600 resistance levels.
  • There is a key contracting triangle forming with resistance near $0.0550 on the 4-hours chart (data feed via Kraken).
  • The price remains well supported on dips above the $0.0500 and $0.0480 support levels.

Cardano price is trading with a bullish angle against the US Dollar and bitcoin. ADA price could surge if it clears the main $0.0580 resistance zone in the near term.

Cardano Price Analysis

This past week, cardano price made another attempt to clear the $0.0580 resistance against the US Dollar. The ADA/USD pair failed to continue higher above $0.0580 and $0.0600.

A high was formed near $0.0574 and the price recently corrected lower. There was a break below the $0.0550 pivot level and the 55 simple moving average (4-hours). The price even broke the 23.6% Fibonacci retracement level of the upward move from the $0.0427 low to $0.0574 high.

However, the decline was protected by the $0.0500 support zone. It seems like the 50% Fibonacci retracement level of the upward move from the $0.0427 low to $0.0574 high acted as a strong support.

The price is currently rising and trading above the $0.0520 level. There is also a key contracting triangle forming with resistance near $0.0550 on the 4-hours chart.

It seems like cardano price is likely to break the triangle resistance and $0.0560. The first major resistance is near the $0.0575 and $0.0580 levels. The main hurdle is still near the $0.0600 level, above which the price is likely to accelerate higher in the near term.

The next major resistances are near $0.0620 and $0.0650. Conversely, the price could correct lower below the $0.0520 level. The first major support is near the $0.0500 level. If the price fails to stay above the $0.0500 support, there is a risk of a larger decline towards the $0.0450 and $0.0440 levels.

Cardano Price
Cardano Price

The chart indicates that ADA price is trading in a positive zone above the $0.0520 and $0.0500 levels. Having said that, the price must break the $0.0580 and $0.0600 resistance levels to accelerate higher. If not, there is a risk of a bearish reaction towards the $0.0500 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently gaining momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now well above the 50 level.

Key Support Levels – $0.0520 and $0.0500.

Key Resistance Levels – $0.0580 and $0.0600.

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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