Cardano (ADA) Price Analysis: Bulls Aim Steady Increase

Live Bitcoin News
Updated Apr 23, 2024 06:34
Mitrade

■  ADA price is attempting a fresh increase from the $0.4050 zone against the US Dollar.

■  The price is now trading above $0.500 and the 55 simple moving average (4 hours).

■  There was a break above a major bearish trend line with resistance at $0.500 on the 4-hour chart (data feed via Coinbase).

■  The price could gain bullish momentum if it clears the $0.5150 and $0.540 levels.


Cardano price is holding the $0.480 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.5150 resistance.


Cardano Price (ADA) Analysis


Earlier this month, Cardano price started a fresh decline from well above the $0.60 zone against the US Dollar. The ADA/USD pair declined below the $0.550 and $0.500 support levels.


It tested the $0.400 zone. A low was formed near $0.4051, and the price recently started a fresh increase. There was a move above the $0.4650 and $0.480 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.6241 swing high to the $0.4051 low.


There was a break above a major bearish trend line with resistance at $0.500 on the 4-hour chart. ADA price is now trading above $0.500 and the 55 simple moving average (4 hours).


On the upside, immediate resistance is near the $0.5150 zone or the 50% Fib retracement level of the downward move from the $0.6241 swing high to the $0.4051 low. The next major resistance is near the $0.540 level. A clear move above the $0.540 resistance might start a steady increase.


In the stated case, the price may perhaps rise toward the $0.5750 resistance or even $0.600 in the near term. On the downside, immediate support is near the $0.500 level.


The next major support is near the $0.480 level. A clear move below the $0.480 level might send the price toward the $0.420 level. Any more losses might send the price toward the $0.4050 support, below which the bears could aim for a test of $0.3650.


The chart indicates that ADA price is now trading above $0.500 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.5150 and $0.540 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 – $0.500 and $0.480.


Key Resistance Levels – $0.5150 and $0.540.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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