- ADA price started a downside correction from the $0.620 zone against the US Dollar.
- The price is now trading below $0.55 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support near $0.5420 on the 4-hour chart (data feed via Coinbase).
- The price could start a fresh increase if it clears the $0.550 and $0.565 resistance levels.
Cardano’s price is consolidating above $0.525 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.550 resistance.
Cardano Price (ADA) Analysis
In the past few weeks, Cardano’s price started a steady increase above the $0.565 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.580 and $0.600 levels.
The price tested the $0.620 zone. The recent high was formed near $0.6196 and the price corrected lower. There was a move below the $0.600 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $0.4650 swing low to the $0.6196 high.
There was a break below a key bullish trend line with support near $0.5420 on the 4-hour chart. However, the bulls are now protecting the $0.525 support. The 61.8% Fib retracement level of the upward move from the $0.4650 swing low to the $0.6196 high also acted as a support.
ADA price is now trading below $0.550 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.550 zone.
The next major resistance is near the $0.565 zone. A clear move above the $0.565 resistance might start a strong increase toward $0.620. Any more gains above the $0.620 resistance might send the price toward the $0.650 resistance or even $0.700.
On the downside, immediate support is near the $0.524 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 $0.450 support.
The chart indicates that ADA price is now trading below $0.550 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.550 and $0.565 resistance levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.524 and $0.500.
Key Resistance Levels – $0.550 and $0.650.
