• ADA price is gaining bullish momentum above the$0.0526 resistance area against the US Dollar.
  • The price traded as high as $0.0570 and it is currently trading in a strong uptrend.
  • There was a break above a short term contracting triangle with resistance near $0.0521 on the 4-hours chart (data feed via Kraken).
  • The price is likely to continue higher towards the $0.0585 and $0.0600 resistance levels in the near term.

Cardano price is trading with a bullish bias above $0.0525 against the US Dollar, similar to bitcoin. ADA price could soon test $0.0600 and it might even rally further.

Cardano Price Analysis

In the past few days, cardano price remained in a steady uptrend above the $0.0420 support against the US Dollar. The ADA/USD pair even settled above the $0.0450 pivot level and the 55 simple moving average (4-hours).

During the rise, the price cleared a key bearish trend line with resistance at $0.0440. Moreover, there was a clear break above the $0.0505 and $0.0526 resistance levels.

It opened the doors for more gains and recently there was a break above a short term contracting triangle with resistance near $0.0521 on the 4-hours chart. The pair traded above the $0.0560 level and traded to a new yearly high at $0.0570.

It is currently showing a lot of positive signs, with supports near the $0.0550 level. It coincides with the 23.6% Fibonacci retracement level of the recent gain from the $0.0498 low to $0.0570 high.

The first key support is near the $0.0535. Moreover, the 50% Fibonacci retracement level of the recent gain from the $0.0498 low to $0.0570 high is near the $0.0535 level. Any further losses may perhaps lead the price towards the $0.0526 pivot level.

If the bulls fail to protect $0.0526, cardano price might slide towards the $0.0500 support. On the upside, an initial resistance is near the $0.0570 level.

If there is a clear break above $0.0570, the price is likely to accelerate towards the $0.0585 and $0.0600 resistance levels. Any further gains could lead the price towards $0.0615 and $0.0620 in the near term.

Cardano Price

Cardano Price

The chart indicates that ADA price is trading in a strong uptrend above $0.0526 and $0.0535. In the short term, there could be a minor pullback, but the price is likely to revisit the $0.0600 area in the coming days.

Technical Indicators

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

4 hours RSI – The RSI for ADA/USD is currently well above the 70 level.

Key Support Levels – $0.0535 and $0.0526.

Key Resistance Levels – $0.0570 and $0.0600.

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