- ADA price is attempting a fresh increase from the $0.4050 zone against the US Dollar.
The price is now trading above $0.500 and the 55 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance at $0.500 on the 4-hour chart (data feed via Coinbase).
The price could gain bullish momentum if it clears the $0.5150 and $0.540 levels.
The price of Cardano is currently defending the $0.480 mark against the US Dollar, similar to Bitcoin‘s behavior. If Cardano manages to surpass the $0.5150 resistance, it could lead to a bullish trend for ADA.
Cardano Price (ADA) Analysis
Around the beginning of this month, the price of Cardano took a turn for the worse, dipping significantly from levels above the $0.60 mark against the US Dollar. The ADA/USD pair then dropped below the $0.55 and $0.50 support thresholds.
The price had a test at the $0.400 mark, reaching a new low close to $0.4051. Following this, there was a fresh upward trend with the price surpassing previous resistances at $0.4650 and $0.480. Additionally, it rose above the 23.6% Fibonacci retracement level, which marks a pullback from the peak of $0.6241 to the low of $0.4051.
On the 4-hour chart, ADA‘s price surpassed the significant bearish trendline of $0.50, serving as a barrier to further growth. Currently, ADA trades above both $0.50 and the 55-period simple moving average.
The good news is that the initial resistance lies around the $0.5150 mark or at the 50% Fibonacci retracement point of the price drop from $0.6241 peak to $0.4051 low. Further up, there’s a significant resistance level at approximately $0.540. Surpassing this resistance could lead to a steady upward trend.
If the situation described holds, the cost could potentially increase and reach around $0.5750 or even $0.60 in the imminent future. Conversely, a close support lies at approximately $0.500.
An approaching significant resistance lies around $0.480. Dropping beneath this level could potentially lead to a fall towards $0.420. Should the price continue to decrease, it may reach the support at $0.4050. If this level is breached, bears could target a challenge at $0.3650.
The graph shows that ADA is currently trading above both $0.500 and the 4-hour Simple Moving Average (SMA) of $0.500, suggesting potential price growth. If ADA manages to surpass the resistance levels at $0.5150 and $0.540, a bullish trend may develop.
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 – $0.500 and $0.480.
Key Resistance Levels – $0.5150 and $0.540.
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2024-04-23 07:17