cryptocurrency

Cardano Price Analysis (ADA): Bulls aim for a new rally to $0.60

  • ADA price started a new rise 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-hour chart (data feed via Bitfinex).
  • The price could gain upward momentum if it remains above the $0.480 support area.

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

Cardano price started this week with a good rise above the level of 0.450 against the US dollar. The ADA/USD pair managed to surpass the $0.465 and $0.470 resistance levels.

During the increase, the price was able to surpass the $0.480 resistance and the 55 simple moving average (4-hours). The price rose above the 23.6% Fib retracement level of the downside move from the $0.594 swing high to $0.425.

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, there is an immediate resistance near the $0.500 area. The next major resistance is near the $0.510 level. It is close to the 50% Fib retracement level of the downside move from $0.594 to the low of $0.425. The main obstacle is near $0.530.

A clear bullish break above the $0.530 level may send the price towards the $0.600 resistance. On the downside, 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 may send the price towards the $0.450 level. Any further losses could send the price towards the $0.425 support level.

Cardano Price (ADA)

The Schedule It indicates that the ADA price is now trading above $0.48 and the 55 simple moving average (4-hours). In general, the price may gain bullish momentum if it remains above the $0.480 support area.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining momentum 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.

The main resistance levels are $0.510 and $0.600.

Tags: ADA, Cardano

#Cardano #Price #Analysis #ADA #Bulls #aim #rally

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