Cardano (ADA) Price Analysis: Indicators Suggest Increase To $0.50

Cardano Price Analysis

Cardano (ADA) Price Analysis: Indicators Suggest Increase To $0.50

ADA price seems to be forming a support base above the $0.415 level against the US Dollar.
The price is now trading below $0.45 and the 55 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $0.425 on the 4-hours chart (data feed via Bitfinex).
The price could gain bullish momentum if it clears the $0.435 and $0.440 levels.

Cardano price is showing positive signs above $0.410 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.435 resistance.
Cardano Price Analysis
This past week, cardano price saw a minor bearish reaction below the $0.45 level against the US Dollar. The ADA/USD pair declined below the $0.442 level, but the bulls were active near the $0.415 support zone.
The price traded as low as $0.4156 and is currently correcting losses. There was a minor increase above the $0.425 resistance level. Besides, there was a break above a major bearish trend line with resistance near $0.425 on the 4-hours chart.
The bulls even pushed the price just above the 23.6% Fib retracement level of the recent decline from the $0.4636 swing high to $0.4156 low.
It is now trading below $0.45 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.435 zone. It is near the 50% Fib retracement level of the recent decline from the $0.4636 swing high to $0.4156 low.
A clear move above the $0.435 resistance might start a strong increase. The next major resistance is near the $0.442 level. A clear upside break above the $0.442 level might send the price towards the $0.450 resistance or even $0.480.
On the downside, an immediate support is near the $0.420 level. The next major support is near the $0.415 level. A clear move below the $0.415 level might send the price towards the $0.400 level. Any more losses might send the price towards the $0.380 support.
Cardano (ADA) Price
The chart indicates that ADA price is now trading below $0.450 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.435 and $0.442 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 – $0.420 and $0.415.
Key Resistance Levels – $0.435 and $0.442.

Tags: ADA, Cardano

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