- ADA price is attempting a fresh increase from the $0.5600 zone against the US Dollar.
- The price is now trading above $0.600 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance at $0.620 on the 4-hour chart (data feed via Coinbase).
- The price could gain bullish momentum if it clears the $0.620 and $0.650 levels.
Cardano price is holding the $0.580 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.620 resistance.
Cardano Price (ADA) Analysis
This past week, Cardano price started a fresh decline from well above the $0.650 zone against the US Dollar. The ADA/USD pair declined below the $0.620 and $0.600 support levels.
It tested the $0.5600 zone. A low was formed near $0.5592, and the price recently started a fresh increase. There was a move above the $0.580 and $0.600 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.6839 swing high to the $0.5592 low.
ADA price is now trading above $0.600 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.620 zone. There is also a major bearish trend line forming with resistance at $0.620 on the 4-hour chart.
The trend line is close to the 50% Fib retracement level of the downward move from the $0.6839 swing high to the $0.5592 low. The next major resistance is near the $0.6360 level.
A clear move above the $0.6360 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.650 resistance or even $0.6850 in the near term.
On the downside, immediate support is near the $0.600 level. The next major support is near the $0.580 level. A clear move below the $0.580 level might send the price toward the $0.560 level. Any more losses might send the price toward the $0.5320 support, below which the bears could aim for a test of $0.500.
The chart indicates that ADA price is now trading above $0.600 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.620 and $0.650 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 – $0.600 and $0.580.
Key Resistance Levels – $0.620 and $0.650.
