Cardano (ADA) Price Analysis: Bulls Eye Key Upside Break
Cardano price is struggling below $0.50 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears $0.50 and $0.545.
Cardano Price Analysis
This week, cardano price saw a major decline from the $0.60 resistance zone against the US Dollar. The ADA/USD pair gained pace below the $0.50 level to move into a bearish zone.
The price settled below $0.50 and the 55 simple moving average (4-hours). The price even traded below the $0.45 support zone. A low is formed near $0.420 and the price is now correcting losses. There was a move above the $0.45 and $0.465 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $0.546 swing high to $0.420 low. Besides, there was a break above a major bearish trend line with resistance near $0.483 on the 4-hours chart.
ADA is now trading above $0.48 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.50 zone. It is near the 61.8% Fib retracement level of the downward move from the $0.546 swing high to $0.420 low.
The next major resistance is near the $0.545 level. A clear upside break above the $0.545 level might send the price towards the $0.60 resistance.
Any more gains could start a steady increase towards the $0.70 level in the near term. On the downside, an immediate support is near the $0.480 level. The next major support is near the $0.450 level. If there are additional losses, the price may perhaps decline towards the $0.42 support level. A break below $0.42 could push the price towards the $0.40 level.
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 start a recovery wave if it stays above the $0.480 support zone.
4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now above the 50 level.
Key Support Levels – $0.480 and $0.450.
Key Resistance Levels – $0.500 and $0.545.
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