- ADA price started a fresh increase above the $0.45 resistance against the US Dollar.
- The price is now trading above $0.47 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.480 on the 4-hours chart (data feed via Bitfinex).
- The price could gain bullish momentum if it stays above the $0.480 support zone.
Cardano price is showing positive signs above $0.480 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.51 resistance.
Cardano Price Analysis
This week, cardano price started a decent increase above the $0.450 level against the US Dollar. The ADA/USD pair was able to clear the $0.465 and $0.470 resistance levels.
During the increase, the price was able to clear the $0.480 resistance and the 55 simple moving average (4-hours). The price climbed above the 23.6% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low.
It is now trading above $0.47 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.480 on the 4-hours chart.
On the upside, an immediate resistance is near the $0.500 zone. The next major resistance is near the $0.510 level. It is near the 50% Fib retracement level of the downward move from the $0.594 swing high to $0.425 low. The main hurdle is near $0.530.
A clear upside break above the $0.530 level might send the price towards the $0.600 resistance. On the downside, an immediate support is near the $0.49 level.
The next major support is near the $0.480 level and the trend line. The main support is now near the $0.465 level. A clear move below the trend line and $0.465 might send the price towards the $0.450 level. Any more losses might send the price towards the $0.425 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.48 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it stays above the $0.480 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 – $0.480 and $0.465.
Key Resistance Levels – $0.510 and $0.600.
Source: livebitcoinnews.com
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