HomeAltcoin NewsCardano (ADA) Price Analysis: This Support Might Trigger Bullish Wave

Cardano (ADA) Price Analysis: This Support Might Trigger Bullish Wave

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  • ADA price is attempting a fresh increase above the $0.250 zone against the US Dollar.
  • The price is now trading above $0.250 and the 55 simple moving average (4 hours).
  • There is a key rising channel forming with support near $0.2485 on the 4-hour chart (data feed via Coinbase).
  • The price could gain bullish momentum if it clears the $0.2550 and $0.2580 levels.

Cardano price is holding the $0.250 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.258 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano price started a fresh decline from well above the $0.2600 zone against the US Dollar. The ADA/USD pair declined below the $0.2580 and $0.2550 support levels.

It tested the $0.2425 zone. A low was formed near $0.2424 and the price recently started a fresh increase. There was a move above the $0.248 and $0.250 resistance levels. The price even spiked above the 50% Fib retracement level of the downward move from the $0.2672 swing high to the $0.2424 low.

ADA price is now trading above $0.250 and the 55 simple moving average (4 hours). There is also a key rising channel forming with support near $0.2485 on the 4-hour chart.

On the upside, immediate resistance is near the $0.2550 zone. The next major resistance is near the $0.258 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.2672 swing high to the $0.2424 low.

A clear move above the $0.258 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.265 resistance or even $0.272 in the near term.

On the downside, immediate support is near the $0.250 level. The next major support is near the $0.248 level or the 55 simple moving average (4 hours).

A clear move below the $0.248 level might send the price toward the $0.2420 level. Any more losses might send the price toward the $0.225 support, below which the bears could aim for a test of $0.212.

Cardano (ADA) Price
Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.250 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.2550 and $0.2580 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 – $0.250 and $0.248.

Key Resistance Levels – $0.2550 and $0.2580.

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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