- ADA price started a strong rise from the $0.0450 support area against the US Dollar.
- The price is currently gaining momentum above $0.0500 and it could continue to rise in the near term.
- There is a strong support forming near $0.0475 and a bullish trend line on the 4-hours chart (data feed via Kraken).
- The price is likely to rally sharply if it breaks the $0.0525 and $0.0530 resistance levels.
Cardano price is gaining bullish momentum against the US Dollar and bitcoin. ADA price could continue to grind higher towards the $0.0530 and $0.0550 levels.
Cardano Price Analysis
Recently, cardano price formed a decent support base near the $0.0450 level against the US Dollar. As a result, the ADA/USD pair started a decent recovery and climbed above the $0.0465 and $0.0475 resistance levels. The recent rise was such that the price settled above the $0.0500 level and the 55 simple moving average (4-hours). Finally, it broke the $0.0510 level and tested the $0.0515 resistance level.
The recent high was formed near $0.0514 and the price is currently showing a lot of positive signs. An immediate support is near the $0.0500 level. Moreover, the 23.6% Fibonacci retracement level of the recent rise from the $0.0457 low to $0.0514 high is also near the $0.0500 level. If there is an extended downside correction, the price could test the $0.0475 support area.
An intermediate support is near the 50% Fibonacci retracement level of the recent rise from the $0.0457 low to $0.0514 high at $0.0486. However, it seems like there is a strong support forming near $0.0475 and a bullish trend line on the 4-hours chart. Therefore, the price remains well supported near the $0.0485 and $0.0475 levels if there is a downside correction.
On the upside, the main resistance is near the $0.0525 and $0.0530 levels. A successful break above the $0.0530 resistance could start a strong upward move towards the $0.0550 level. Any further gains may perhaps push the price towards the $0.0600 resistance area in the coming sessions.
The chart indicates that ADA price is gaining momentum above $0.0500 and it could continue to rise in the near term. However, the bulls might struggle to push the price above the $0.0525 and $0.0530 resistance levels. If they succeed, it could start another strong rise towards the $0.0600 level. On the downside, there are many supports near $0.0485 and $0.0475.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is currently gaining pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is currently climbing higher and is approaching the overbought zone.
Key Support Levels – $0.0485 and $0.0475.
Key Resistance Levels – $0.0525 and $0.0530.
