Cardano price is showing positive signs above $0.55 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears $0.600 and $0.620.
Cardano Price Analysis
This week, cardano price started a steady increase above the $0.550 resistance zone against the US Dollar. The ADA/USD pair gained pace above the $0.600 level to move into a positive zone.
The price settled above $0.55 and the 55 simple moving average (4-hours). It even spiked above the $0.620 resistance zone. However, the bears remained active near the $0.65 level. A high was formed near $0.6463 and the price started a fresh decline.
There was a move below the $0.620 and $0.600 support levels. Moreover, the price moved below the 50% Fib retracement level of the upward move from the $0.5391 swing low to $0.6463 high.
The bears pushed the price below the $0.600 support level. The bulls are now protecting the 61.8% Fib retracement level of the upward move from the $0.5391 swing low to $0.6463 high. Besides, there is also a major bullish trend line forming with support near $0.575 on the 4-hours chart.
On the upside, an immediate resistance is near the $0.600 zone. The next major resistance is near the $0.615 level. A clear upside break above the $0.615 level might send the price towards the $0.65 resistance.
Any more gains could start a steady increase towards the $0.72 level in the near term. On the downside, an immediate support is near the $0.575 level.
The next major support is near the $0.55 level. If there are additional losses, the price may perhaps decline towards the $0.52 support level. A break below $0.52 could push the price towards the $0.50 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.55 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it stays above the $0.550 support zone in the near term.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.575 and $0.550.
Key Resistance Levels – $0.615 and $0.650.
Source: Read Full Article