Cardano (ADA) Price Analysis: Bulls Eye Fresh High Above $0.65
ADA price is attempting a fresh increase from the $0.565 zone against the US Dollar.
The price is now trading above $0.600 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.5900 on the 4-hour chart (data feed via Coinbase).
The price could gain bullish momentum if it clears the $0.640 and $0.650 levels.
Cardano price is holding the $0.600 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.650 resistance.
Cardano Price (ADA) Analysis
This past week, Cardano price started a fresh decline from well above the $0.640 zone against the US Dollar. The ADA/USD pair declined below the $0.620 and $0.600 support levels.
It tested the $0.5650 zone. A low was formed near $0.5681, and the price recently started a fresh increase. There was a move above the $0.600 and $0.605 resistance levels. The price even climbed above the 50% Fib retracement level of the downward move from the $0.6413 swing high to the $0.5681 low.
Besides, there was a break above a key bearish trend line with resistance near $0.590 on the 4-hour chart. ADA price is now trading above $0.620 and the 55 simple moving average (4 hours).
It is also above the 76.4% Fib retracement level of the downward move from the $0.6413 swing high to the $0.5681 low. On the upside, immediate resistance is near the $0.640 zone. The next major resistance is near the $0.650 level.
A clear move above the $0.650 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.680 resistance or even $0.700 in the near term.
On the downside, immediate support is near the $0.6120 level. The next major support is near the $0.600 level. A clear move below the $0.600 level might send the price toward the $0.5650 level. Any more losses might send the price toward the $0.5500 support, below which the bears could aim for a test of $0.5320.
The chart indicates that ADA price is now trading above $0.610 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.640 and $0.650 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 – $0.600 and $0.565.
Key Resistance Levels – $0.640 and $0.650.
The post Cardano (ADA) Price Analysis: Bulls Eye Fresh High Above $0.65 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ February 27, 2024 5:08 am