- ADA price started a new rise above the $0.48 resistance against the US Dollar.
- The price is now trading above $0.48 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.484 on the 4-hour chart (Data feed via Bitfinex).
- The price could gain upward momentum if it remains above the $0.482 support area.
Cardano price is showing positive signs above $0.482 against the US Dollar, similar to Bitcoin. ADA price could gain bullish momentum if it clears the $0.52 resistance.
Cardano Price Analysis
This week, the cardano price started a steady rise from the level of $0.455 against the US dollar. The ADA/USD pair managed to surpass the $0.465 and $0.480 resistance levels.
The bulls pumped the price above the $0.50 level and the price settled above the 55 simple moving average (4 hours). It traded as high as $0.524 and is now correcting lower. There was a slight dip below the $0.500 level.
The price fell below the 23.6% Fib retracement level of the upward move from $0.4533 to the high of $0.5245. It is now trading above $0.48 and the 55 simple moving average (4-hours).
There is also a major bullish trend line forming with support near $0.484 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 $0.520 level. A clear bullish break above the $0.520 level could send the price towards the $0.565 or even $0.600 resistance.
On the downside, immediate support is near the $0.484 level. It is close to the 50% Fib retracement level of the upward move from the $0.4533 swing low to $0.5245 high.
The next major support is near the $0.482 level. A clear move below the trend line and $0.482 might send the price towards the $0.450 level. Any further losses could send the price towards the $0.425 support level.
The Schedule It indicates that the ADA price is now trading above $0.484 and the 55 simple moving average (4-hours). In general, the price may gain bullish momentum if it remains above the $0.482 support area.
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 – $0.484 and $0.482.
The main resistance levels are $0.520 and $0.600.
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