HomeAltcoin NewsCardano (ADA) Price Analysis: Signs Suggest Rally To $0.50

Cardano (ADA) Price Analysis: Signs Suggest Rally To $0.50

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  • ADA price is gaining pace above the $0.3880 zone against the US Dollar.
  • The price is now trading above $0.3920 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.3885 on the 4-hour chart (data feed via Coinbase).
  • The price could continue to rise if it clears the $0.4150 and $0.420 resistance levels.

Cardano price is rising above $0.380 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.420 resistance.

Cardano Price Analysis

This week, Cardano price started a steady increase above the $0.380 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.392 and $0.400 levels.

The bulls were able to pump the price above the $0.405 resistance. The price even spiked above the $0.412 resistance. A high is formed near $0.4150 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $0.3722 swing low to the $0.4150 high.

ADA price is still trading above $0.392 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.3885 on the 4-hour chart.

On the upside, immediate resistance is near the $0.415 zone. The next major resistance is near the $0.420 zone. A clear move above the $0.420 resistance might start a strong increase toward $0.450. Any more gains above the $0.450 resistance might send the price toward the $0.465 resistance or even $0.480.

On the downside, immediate support is near the $0.392 level and the trend line. The next major support is near the $0.380 level or the 76.4% Fib retracement level of the upward move from the $0.3722 swing low to the $0.4150 high, below which the price could test $0.372.

A clear move below the $0.372 level might send the price toward the $0.350 level. Any more losses might send the price toward the $0.332 support.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.380 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.415 and $0.420 resistance levels.

Technical Indicators

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

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

Key Support Levels – $0.392 and $0.380.

Key Resistance Levels – $0.415 and $0.420.

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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