Cardano (ADA) Price Analysis: Signs Suggest Rally To $0.50
ADA price is gaining pace above the $0.3880 zone against the US Dollar.
The price is now trading above $0.3920 and the 55 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.3885 on the 4-hour chart (data feed via Coinbase).
The price could continue to rise if it clears the $0.4150 and $0.420 resistance levels.
Cardano price is rising above $0.380 against the US Dollar, like Bitcoin. ADA price could rally further if there is a clear move above the $0.420 resistance.
Cardano Price Analysis
This week, Cardano price started a steady increase above the $0.380 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.392 and $0.400 levels.
The bulls were able to pump the price above the $0.405 resistance. The price even spiked above the $0.412 resistance. A high is formed near $0.4150 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $0.3722 swing low to the $0.4150 high.
ADA price is still trading above $0.392 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.3885 on the 4-hour chart.
On the upside, immediate resistance is near the $0.415 zone. The next major resistance is near the $0.420 zone. A clear move above the $0.420 resistance might start a strong increase toward $0.450. Any more gains above the $0.450 resistance might send the price toward the $0.465 resistance or even $0.480.
On the downside, immediate support is near the $0.392 level and the trend line. The next major support is near the $0.380 level or the 76.4% Fib retracement level of the upward move from the $0.3722 swing low to the $0.4150 high, below which the price could test $0.372.
A clear move below the $0.372 level might send the price toward the $0.350 level. Any more losses might send the price toward the $0.332 support.
The chart indicates that ADA price is now trading above $0.380 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.415 and $0.420 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 – $0.392 and $0.380.
Key Resistance Levels – $0.415 and $0.420.
The post Cardano (ADA) Price Analysis: Signs Suggest Rally To $0.50 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ December 5, 2023 5:08 am