Cardano (ADA) Price Analysis: More Upsides Likely Above $0.52
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, cardano price started a steady increase from the $0.455 level against the US Dollar. The ADA/USD pair was able to clear the $0.465 and $0.480 resistance levels.
The bulls even pumped the price above the $0.50 level and the price settled above and the 55 simple moving average (4-hours). It traded as high as $0.524 and is currently correcting lower. There was a minor decline below the $0.500 level.
The price declined below the 23.6% Fib retracement level of the upward move from the $0.4533 swing low to $0.5245 high. 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, an immediate resistance is near the $0.500 zone. The next major resistance is near the $0.520 level. A clear upside break above the $0.520 level might send the price towards the $0.565 resistance or even $0.600.
On the downside, an immediate support is near the $0.484 level. It is near 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 more losses might send the price towards the $0.425 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading above $0.484 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it stays above the $0.482 support zone.
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 – $0.484 and $0.482.
Key Resistance Levels – $0.520 and $0.600.
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