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HomeAltcoin NewsCardano (ADA) Price Could Resume Uptrend Above $0.045

Cardano (ADA) Price Could Resume Uptrend Above $0.045

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Key Highlights

  • ADA price traded higher recently and tested the $0.0500 resistance against the US Dollar.
  • There is a significant bullish trend line in place with support at $0.0385 on the 4-hours chart (data feed via Kraken).
  • The price is likely to break the $0.0450 resistance to start a fresh upward move towards $0.0500.

Cardano price is placed nicely in an uptrend against the US Dollar and Bitcoin. ADA may continue to move higher towards $0.0450, $0.0500 and $0.0520.

Cardano Price Analysis

This past week, there was a solid bullish wave above the $0.0400 resistance in cardano price against the US Dollar. The ADA/USD pair broke the $0.0450 resistance and settled above the 55 simple moving average (4-hours). The price traded close to the $0.0500 resistance, where sellers emerged. A high was formed at $0.0494 before the price started a downside correction.

It moved below the $0.0450 support and the 50% Fibonacci retracement level of the last wave from the $0.0270 low to $0.0494 high. However, the declined was protected by the $0.0360 support and the price bounced back. Besides, there was a test of the 61.8% Fibonacci retracement level of the last wave from the $0.0270 low to $0.0494 high. More importantly, there is a significant bullish trend line in place with support at $0.0385 on the 4-hour chart. The price is currently trading nicely above the $0.0380 support and the trend line. On the upside, a break above the $0.0450 resistance may clear the path for more gains. The next main hurdle for buyers is near the $0.0500 level.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is following a nice bullish path above $0.0360 and $0.0380. As long as there is no break below $0.0360, there are high chances of a break above $0.0450. If not, the price may decline back towards the $0.0280 support.

4-hours MACD – The MACD for ADA/USD is slightly in the bearish zone.

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

Key Support Level – $0.0380

Key Resistance Level – $0.0450

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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