Cardano (ADA) Price Analysis: Can Bulls Push It Above $0.58?

• ADA price is attempting a fresh increase from the $0.4650 zone against the US Dollar.
• The price is now trading below $0.580 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $0.5150 on the 4-hour chart (data feed via Coinbase).
• The price could gain bullish momentum if it clears the $0.5600 and $0.5800 levels.

Cardano price is holding the $0.5150 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.580 resistance.

Cardano Price (ADA) Analysis

This past week, Cardano price started a fresh decline from well above the $0.6200 zone against the US Dollar. The ADA/USD pair declined below the $0.6000 and $0.5800 support levels.

It tested the $0.4650 zone. A low was formed near $0.4650, and the price recently started a fresh increase. There was a move above the $0.500 and $0.515 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.6785 swing high to the $0.4650 low.

Besides, there was a break above a key bearish trend line with resistance near $0.5150 on the 4-hour chart. ADA price is now trading below $0.560 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.560 zone. The next major resistance is near the $0.580 level. It is near the 50% Fib retracement level of the downward move from the $0.6785 swing high to the $0.4650 low.

A clear move above the $0.580 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.620 resistance or even $0.650 in the near term.

On the downside, immediate support is near the $0.5150 level. The next major support is near the $0.500 level. A clear move below the $0.500 level might send the price toward the $0.4650 level. Any more losses might send the price toward the $0.4500 support, below which the bears could aim for a test of $0.4200.

The chart indicates that ADA price is now trading below $0.560 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.560 and $0.580 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 – $0.5150 and $0.500.

Key Resistance Levels – $0.560 and $0.580.