- ADA price is gaining bullish momentum and it broke the $0.0435 resistance against the US Dollar.
- It is now approaching a major resistance zone near the $0.0500 level.
- There is a key bullish trend line forming with support near $0.0470 on the 4-hours chart (data feed via Kraken).
- The price could continue to rise if it clears the $0.0490 and $0.0500 resistance levels.
Cardano price is currently trading in a nice uptrend against the US Dollar, similar to bitcoin. ADA price must surpass the $0.0500 resistance level for a larger rally to $0.0620 or $0.0650.
Cardano Price Analysis
In the past few days, cardano price remained in a strong bullish zone above the $0.0400 pivot level against the US Dollar. The ADA/USD pair even climbed above the $0.0435 resistance zone to move in an uptrend.
Moreover, there was a close above the $0.0435 level and the 55 simple moving average (4-hours). A new monthly high is formed near $0.0481 and it is currently showing a lot of positive signs for more upsides.
Recently, there was a downside correction from the $0.0481 high. It corrected below the 23.6% Fibonacci retracement level of the upward move from the $0.0443 swing low to $0.0481 high.
It is currently consolidating above the $0.0470 levels. There is also a key bullish trend line forming with support near $0.0470 on the 4-hours chart. If there is a downside break below the $0.0470 level, the next support is near the $0.0462 level.
It is close to the 50% Fibonacci retracement level of the upward move from the $0.0443 swing low to $0.0481 high. Any further losses may perhaps lead the price towards the $0.0435 pivot and support level.
On the upside, an initial hurdle is near the $0.0480 zone. A clear break above the $0.0480 level and the $0.0481 high could open the doors for a wave towards the $0.0500 level.
A clear break and close above the $0.0500 level is needed for a larger rally. The next major resistance is seen near the $0.0600 and $0.0620 level.
The chart indicates that ADA price is trading in a positive zone above the $0.0462 and $0.0450 levels. Having said that, the price might continue to rally above the $0.0500 level in the coming sessions.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is currently showing positive signs in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now rising towards the 70 level.
Key Support Levels – $0.0462 and $0.0435.
Key Resistance Levels – $0.0480 and $0.0500.
