- ADA price is attempting a fresh increase above the $0.600 zone against the US Dollar.
- The price is now trading above $0.600 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with support near $0.5980 on the 4-hour chart (data feed via Coinbase).
- The price could gain bullish momentum if it clears the $0.6200 and $0.6350 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 $0.635 resistance.
Cardano Price (ADA) Analysis
This past week, Cardano price started a fresh decline from well above the $0.6500 zone against the US Dollar. The ADA/USD pair declined below the $0.6200 and $0.6000 support levels.
It tested the $0.5500 zone. A low was formed near $0.5432, and the price recently started a fresh increase. There was a move above the $0.580 and $0.600 resistance levels. The price even spiked above the 50% Fib retracement level of the downward move from the $0.6950 swing high to the $0.5432 low.
ADA price is now trading above $0.600 and the 55 simple moving average (4 hours). There is also a key contracting triangle forming with support near $0.5980 on the 4-hour chart.
On the upside, immediate resistance is near the $0.600 zone. The next major resistance is near the $0.635 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.6950 swing high to the $0.5432 low.
A clear move above the $0.635 resistance might start a steady increase. In the stated case, the price may perhaps rise toward the $0.650 resistance or even $0.665 in the near term.
On the downside, immediate support is near the $0.598 level. The next major support is near the $0.550 level. A clear move below the $0.50 level might send the price toward the $0.5100 level. Any more losses might send the price toward the $0.4450 support, below which the bears could aim for a test of $0.412.
The chart indicates that ADA price is now trading above $0.600 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.6200 and $0.6350 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 $0.5550.
Key Resistance Levels – $0.6200 and $0.6350.
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