Cardano price is recovering above $0.50 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears $0.615 and $0.620.
Cardano Price Analysis
This past week, cardano price saw a fresh decline from the $0.615 resistance zone against the US Dollar. The ADA/USD pair traded below the $0.55 and $0.50 support levels to move into a bearish zone.
The price settled below $0.50 and the 55 simple moving average (4-hours). It even spiked below the $0.48 level and traded as low as 0.4449. The price is now correcting losses and trading above the $0.520 level. There was a move above the 61.8% Fib retracement level of the downward move from the $0.614 swing high to $0.444 low.
Besides, there was a break above a key bearish trend line with resistance near $0.522 on the 4-hours chart. On the upside, an immediate resistance is near the $0.615 zone.
The next major resistance is near the $0.655 level. It is near the 1.236 Fib extension level of the downward move from the $0.614 swing high to $0.444 low. A clear upside break above the $0.655 level might send the price towards the $0.71 resistance.
The next key resistance might be near the $0.732 level. Any more gains could start a steady increase towards the $0.80 level in the near term. On the downside, an immediate support is near the $0.565 level.
The next major support is near the $0.52 level. If there are additional losses, the price may perhaps decline towards the $0.50 support level. A break below $0.50 could push the price towards the $0.45 level.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.52 and the 55 simple moving average (4-hours). Overall, the price could continue to move rise if it settles above the $0.615 resistance zone.
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 70 level.
Key Support Levels – $0.565 and $0.520.
Key Resistance Levels – $0.615 and $0.655.
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