- ADA price seems to be forming a support base above the $0.40 level against the US Dollar.
- The price is now trading above $0.38 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.405 on the 4-hours chart (data feed via Bitfinex).
- The price could gain bullish momentum if it clears the $0.420 and $0.440 levels.
Cardano price is showing positive signs above $0.380 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.420 resistance.
Cardano Price Analysis
This past week, cardano price started a steady increase above the $0.350 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.365 and $0.380 levels.
It even broke the $0.40 level and settled well above the 55 simple moving average (4-hours). It traded as high as $0.4407 and recently started a downside correction. There was a move below the $0.420 and $0.412 levels. The price declined below the 50% Fib retracement level of the upward move from the $0.3779 swing low to $0.4407 high.
It is now trading above $0.38 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.405 on the 4-hours chart.
On the upside, an immediate resistance is near the $0.420 zone. A clear move above the $0.420 resistance might start a strong increase. The next major resistance is near the $0.440 level. A clear upside break above the $0.440 level might send the price towards the $0.50 resistance or even $0.520.
On the downside, an immediate support is near the $0.405 level and the trend line. The next major support is near the $0.392 level and the 55 simple moving average (4-hours). A clear move below the $0.392 level might send the price towards the $0.365 level. Any more losses might send the price towards the $0.350 support.
The chart indicates that ADA price is now trading above $0.380 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.420 and $0.440 levels.
Technical Indicators
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 – $0.405 and $0.392.
Key Resistance Levels – $0.420 and $0.440.
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