- ADA price is gaining pace above the $0.580 zone against the US Dollar.
- The price is now trading above $0.6120 and the 55 simple moving average (4 hours).
- There is a key rising channel forming with support near $0.6050 on the 4-hour chart (data feed via Coinbase).
- The price could continue to rise if it clears the $0.640 and $0.650 resistance levels.
Cardano price is rising above $0.620 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.650 resistance.
Cardano Price Analysis
This week, Cardano price started a steady increase above the $0.5800 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.6120 and $0.620 levels.
The bulls were able to pump the price above the $0.6350 resistance. The price even spiked above the $0.640 resistance. A high is formed near $0.6413 and the price is now consolidating gains. It is trading below the 23.6% Fib retracement level of the upward move from the $0.5691 swing low to the $0.6413 high.
ADA price is still trading above $0.612 and the 55 simple moving average (4 hours). There is also a key rising channel forming with support near $0.605 on the 4-hour chart.
On the upside, immediate resistance is near the $0.640 zone. The next major resistance is near the $0.650 zone. A clear move above the $0.650 resistance might start a strong increase toward $0.685. Any more gains above the $0.685 resistance might send the price toward the $0.720 resistance or even $0.750.
On the downside, immediate support is near the $0.605 level or the 50% Fib retracement level of the upward move from the $0.5691 swing low to the $0.6413 high.
The next major support is near the $0.585 level, below which the price could test $0.560. A clear move below the $0.560 level might send the price toward the $0.532 level. Any more losses might send the price toward the $0.520 support.
The chart indicates that ADA price is now trading above $0.520 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.540 and $0.550 resistance 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 – $0.605 and $0.585.
Key Resistance Levels – $0.640 and $0.650.
