Cardano (ADA) Price Analysis: Can Bulls Clear This Hurdle?

• ADA price is attempting a fresh increase from the $0.4180 zone against the US Dollar.
• The price is now trading below $0.500 and the 55 simple moving average (4 hours).
• There was a break above a major bearish trend line with resistance at $0.4420 on the 4-hour chart (data feed via Coinbase).
• The price could gain bullish momentum if it clears the $0.4600 and $0.480 levels.

Cardano price is holding the $0.4420 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.4800 resistance.

Cardano Price (ADA) Analysis

Earlier this month, Cardano price started a fresh decline from well above the $0.50 zone against the US Dollar. The ADA/USD pair declined below the $0.480 and $0.450 support levels.

It tested the $0.4180 zone. A low was formed near $0.4179, and the price recently started a fresh increase. There was a move above the $0.4250 and $0.440 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.5219 swing high to the $0.4179 low.

There was a break above a major bearish trend line with resistance at $0.4420 on the 4-hour chart. However, the bears are active near the 50% Fib retracement level of the downward move from the $0.5219 swing high to the $0.4179 low.

ADA price is now trading below $0.500 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.460 zone.

The next major resistance is near the $0.480 level. A clear move above the $0.480 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.50 resistance or even $0.520 in the near term. On the downside, immediate support is near the $0.4420 level.

The next major support is near the $0.4180 level. A clear move below the $0.4180 level might send the price toward the $0.400 level. Any more losses might send the price toward the $0.3850 support, below which the bears could aim for a test of $0.3650.

The chart indicates that ADA price is now trading below $0.450 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.460 and $0.480 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 – $0.4420 and $0.4180.

Key Resistance Levels – $0.4600 and $0.4800.

The post Cardano (ADA) Price Analysis: Can Bulls Clear This Hurdle? appeared first on Live Bitcoin News.