Cardano (ADA) Price Analysis: Bulls In Control Above $0.75
ADA price is gaining pace above the $0.750 zone against the US Dollar.
The price is now trading above $0.760 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.7610 on the 4-hour chart (data feed via Coinbase).
The price could continue to rise if it clears the $0.800 and $0.820 resistance levels.
Cardano price is rising above $0.70 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.80 resistance.
Cardano Price Analysis
This week, Cardano price started a steady increase above the $0.700 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.720 and $0.750 levels.
The bulls were able to pump the price above the $0.6750 resistance. The price even spiked above the $0.680 resistance. A high is formed near $0.7991 and the price is now consolidating gains. It is trading below the 23.6% Fib retracement level of the upward move from the $0.6899 swing low to the $0.7991 high.
ADA price is still trading above $0.760 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.7610 on the 4-hour chart.
On the upside, immediate resistance is near the $0.780 zone. The next major resistance is near the $0.80 zone. A clear move above the $0.80 resistance might start a strong increase toward $0.825. Any more gains above the $0.825 resistance might send the price toward the $0.850 resistance or even $0.880.
On the downside, immediate support is near the $0.7610 level or the trend line. The next major support is near the $0.7445 level or the 50% Fib retracement level of the upward move from the $0.6899 swing low to the $0.7991 high, below which the price could test $0.720.
A clear move below the $0.720 level might send the price toward the $0.700 level. Any more losses might send the price toward the $0.6880 support.
The chart indicates that ADA price is now trading above $0.760 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.80 and $0.820 resistance 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 – $0.760 and $0.7450.
Key Resistance Levels – $0.80 and $0.820.
The post Cardano (ADA) Price Analysis: Bulls In Control Above $0.75 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ March 5, 2024 5:08 am