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HomeAltcoin NewsCardano (ADA) Price Analysis: Rally Could Resume Above $0.45

Cardano (ADA) Price Analysis: Rally Could Resume Above $0.45

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  • ADA price is gaining pace above the $0.4200 zone against the US Dollar.
  • The price is now trading above $0.400 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.4410 on the 4-hours chart (data feed via Coinbase).
  • The price could start a fresh increase if it clears the $0.441 and $0.450 resistance levels.

Cardano’s price is rising above $0.400 against the US Dollar, similar to Bitcoin. ADA price could resume its rally if there is a clear move above the $0.450 resistance.

Cardano Price Analysis

This week, Cardano’s price started a steady increase above the $0.40 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.420 and $0.432 levels.

The price tested the $0.460 zone. A high is formed near $0.4620 and the price is now correcting lower. There was a move below the $0.450 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.3892 swing low to the $.4620 high.

However, ADA price is now trading above $0.40 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.440 zone.

There is also a key bearish trend line forming with resistance near $0.4410 on the 4-hours chart. The next major resistance is near the $0.4500 zone. A clear move above the $0.4500 resistance might start a strong increase toward $0.480.

Any more gains above the $0.480 resistance might send the price toward the $0.500 resistance or even $0.520. On the downside, immediate support is near the $0.425 level.

The next major support is near the $0.4170 level or the 61.8% Fib retracement level of the upward move from the $0.3892 swing low to the $.4620 high. A clear move below the $0.417 level might send the price toward the $0.400 level. Any more losses might send the price toward the $0.380 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.420 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.441 and $0.450 resistance levels.

ADA 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 – $0.425 and $0.417.

Key Resistance Levels – $0.441 and $0.450.

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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