- ADA price started a fresh increase above the $0.52 resistance against the US Dollar.
- The price is now trading above $0.52 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.5120 on the 4-hours chart (data feed via Bitfinex).
- The price could gain bullish momentum if it stays above the $0.512 support zone.
Cardano price is showing positive signs above $0.512 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.55 resistance.
Cardano Price Analysis
This week, cardano price started a decent increase above the $0.500 level against the US Dollar. The ADA/USD pair was able to clear the $0.512 and $0.525 resistance levels.
The pair even climbed above the $0.535 resistance to move into a positive zone. There was a clear move above the 61.8% Fib retracement level of the downward move from the $0.549 swing high to $0.5020 low. It is now trading above $0.52 and the 55 simple moving average (4-hours).
The price is also trading above the 76.4% Fib retracement level of the downward move from the $0.549 swing high to $0.5020 low. Besides, there is a key bullish trend line forming with support near $0.5120 on the 4-hours chart.
On the upside, an immediate resistance is near the $0.550 zone. The next major resistance is near the $0.578 level. The main hurdle is near $0.580. A clear upside break above the $0.580 level might send the price towards the $0.600 resistance.
Any more gains could start a steady increase towards the $0.620 level in the near term. On the downside, an immediate support is near the $0.532 level. The next major support is near the $0.525 level.
The main support is now near the $0.512 level and the trend line. A clear move below the trend line might send the price towards the $0.500 level. Any more losses might send the price towards the $0.465 support.
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 gain bullish momentum if it stays above the $0.512 support 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 50 level.
Key Support Levels – $0.525 and $0.512.
Key Resistance Levels – $0.550 and $0.580.
Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-bulls-eye-upside-break/