HomeAltcoin NewsCardano (ADA) Price Analysis: Primed For More Upsides

Cardano (ADA) Price Analysis: Primed For More Upsides


  • ADA price is gaining bullish momentum above the $0.0425 resistance area against the US Dollar.
  • The price is likely to break the $0.0450 and $0.0465 resistance levels in the near term.
  • There is a key bullish trend line forming with support near $0.0425 on the 4-hours chart (data feed via Kraken).
  • The price is following a decent bullish path above the $0.0425 and $0.0420 support levels.

Cardano price is showing bullish continuation signs against the US Dollar and bitcoin. ADA price is likely to climb above $0.0450 to continue towards $0.0500.

Cardano Price Analysis

After a successful close above the $0.0400 resistance, cardano price mostly followed a bullish path against the US Dollar. Moreover, ADA/USD broke the $0.0412 and $0.0420 resistance levels.

The price is now trading nicely above the $0.0420 level and the 55 simple moving average (4-hours). At the moment, the price is trading near the key $0.0450 resistance area, which acted as a hurdle for the bulls on a couple of occasions.

The next immediate resistance is near the $0.0450 level. If there is a successful close above the $0.0445 and $0.0450 resistance levels, there are chances of more upsides.

The next key resistances are near $0.0480, above which cardano price could accelerate towards the $0.0500 resistance area. On the downside, an immediate support is near the $0.0438 level.

Besides, the 23.6% Fibonacci retracement level of the recent wave from the $0.0402 low to $0.0449 high is also near the $0.0438 level. The main support on the downside is near the $0.0425 level.

More importantly, there is a key bullish trend line forming with support near $0.0425 on the 4-hours chart. The 55 simple moving average (4-hours) is also near the trend line and $0.0424 to provide support.

Finally, the 50% Fibonacci retracement level of the recent wave from the $0.0402 low to $0.0449 high is near the $0.0425 level. Therefore, the $0.0425 level is a major support for the bulls.

Therefore, a downside break below the $0.0425 support might start a substantial downside correction. In the mentioned case, the price could revisit the $0.0400 support area in the near term.

Cardano Price
Cardano Price

The chart indicates that ADA price is clearly setting up for more gains above the $0.0445 and $0.0450 resistance levels. If the bulls gain pace above $0.0450, the price is likely to accelerate towards the $0.0480 level. The main hurdle is near the $0.0500 level.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is currently well above the 50 level, with a bullish angle.

Key Support Levels – $0.0425 and $0.0405.

Key Resistance Levels – $0.0450 and $0.0480.


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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