Cardano (ADA) Price Analysis: Can Bulls Push It Above $0.535?
ADA price is attempting a fresh increase from the $0.500 zone against the US Dollar.
The price is now trading above $0.510 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.490 on the 4-hour chart (data feed via Coinbase).
The price could gain bullish momentum if it clears the $0.5350 and $0.5500 levels.
Cardano price is holding the $0.500 support against the US Dollar, like Bitcoin. ADA price could gain bullish momentum if it clears the $0.535 resistance.
Cardano Price (ADA) Analysis
This past week, Cardano price started a fresh decline from well above the $0.600 zone against the US Dollar. The ADA/USD pair declined below the $0.550 and $0.5350 support levels.
It tested the $0.4500 zone. A low was formed near $0.4473, and the price recently started a fresh increase. There was a move above the $0.475 and $0.480 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $0.6196 swing high to the $0.4473 low.
Besides, there was a break above a key bearish trend line with resistance near $0.490 on the 4-hour chart. ADA price is now trading above $0.510 and the 55 simple moving average (4 hours).
On the upside, immediate resistance is near the $0.535 zone or the 50% Fib retracement level of the downward move from the $0.6196 swing high to the $0.4473 low. The next major resistance is near the $0.550 level. A clear move above the $0.550 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.580 resistance or even $0.600 in the near term.
On the downside, immediate support is near the $0.5120 level. The next major support is near the $0.500 level. A clear move below the $0.500 level might send the price toward the $0.4650 level. Any more losses might send the price toward the $0.4500 support, below which the bears could aim for a test of $0.4200.
The chart indicates that ADA price is now trading above $0.510 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.535 and $0.550 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 – $0.5150 and $0.500.
Key Resistance Levels – $0.535 and $0.550.
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Filed under: Bitcoin - @ January 30, 2024 6:08 am