- ADA price is attempting a fresh increase from the $0.4180 zone against the US Dollar.
The price is now trading below $0.500 and the 55 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance at $0.4420 on the 4-hour chart (data feed via Coinbase).
The price could gain bullish momentum if it clears the $0.4600 and $0.480 levels.
As a researcher with experience in cryptocurrency analysis, I have been closely monitoring the Cardano (ADA) price action against the US Dollar. Based on my observation of the current market trends, I believe that ADA is attempting a fresh increase from the $0.4180 zone. However, the price is currently trading below the $0.50 mark and the 55 simple moving average (4 hours).
As a market analyst, I observe that Cardano‘s price remains steadfast above the $0.4420 support level versus the US Dollar, much like Bitcoin does in its own right. Should ADA manage to surmount the $0.4800 resistance, we could witness a bullish surge for the cryptocurrency.
Cardano Price (ADA) Analysis
Around the beginning of this month, the price of Cardano took a downturn, moving away from the $0.50 mark versus the US Dollar. The ADA-USD exchange rate then dropped below the $0.48 and $0.45 support thresholds.
I analyzed the price action and noticed it probed the $0.4180 mark before forming a new low around $0.4179. Subsequently, there was a noticeable uptrend with the price breaking past the resistance levels at $0.4250 and $0.440. Additionally, I observed that the price surpassed the 23.6% Fibonacci retracement level, which represents a significant portion of the downward move from the $0.5219 peak to the $0.4179 trough.
On the 4-hour chart, the price surpassed a significant bearish trend line, marked by resistance at $0.4420. Nevertheless, bears remain influential around the 50% Fibonacci retracement level, which lies near $0.4760 in the downward progression from the peak at $0.5219 to the low at $0.4179.
The current price of ADA is under $0.500 and falls short of its 4-hour simple moving average. Looking ahead, potential resistance lies around the $0.460 mark.
As a researcher studying the current market trends, I’ve identified the next significant resistance level to be around $0.480. Overcoming this resistance could trigger a steady price increase. If this happens, the price may potentially advance toward the $0.50 or even reach $0.520 in the short term. Conversely, if the market takes a downturn, the immediate support lies around $0.4420.
If we look ahead, the next significant resistance lies around the $0.4180 mark. A decisive drop beneath this level could potentially push the price down to the $0.400 support. Further declines might lead the price to the $0.3850 support zone, which could then encourage bears to target a possible test at $0.3650.
As a crypto investor, I’ve noticed that the ADA price has dipped below the $0.450 mark and is now trading beneath the 4-hour 55 simple moving average. However, if we manage to push the price above both the $0.460 and $0.480 resistance levels, there’s a good chance of seeing a bullish trend emerge.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now losing pace in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.4420 and $0.4180.
Key Resistance Levels – $0.4600 and $0.4800.
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2024-05-07 09:08