- ADA price started a downside correction from the $0.538 zone against the US Dollar.
- The price is now trading below $0.52 and the 55 simple moving average (4 hours).
- There was a break below a major bullish trend line with support near $0.500 on the 4-hour chart (data feed via Coinbase).
- The price could start a fresh increase if it clears the $0.510 and $0.520 resistance levels.
Cardano’s price is consolidating above $0.4650 against the US Dollar, like Bitcoin. ADA price could resume its rally if there is a clear move above the $0.520 resistance.
Cardano Price (ADA) Analysis
In the past few weeks, Cardano’s price started a steady increase above the $0.485 resistance zone against the US Dollar. The ADA/USD pair gained pace for a move above the $0.500 and $0.520 levels.
The price tested the $0.538 zone. The recent high was formed near $0.5376 and the price corrected lower. There was a move below the $0.520 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $0.4473 swing low to the $0.5376 high.
There was a break below a major bullish trend line with support near $0.500 on the 4-hour chart. ADA price is now trading below $0.520 and the 55 simple moving average (4 hours).
On the upside, immediate resistance is near the $0.510 zone. The next major resistance is near the $0.520 zone. A clear move above the $0.520 resistance might start a strong increase toward $0.538. Any more gains above the $0.538 resistance might send the price toward the $0.565 resistance or even $0.600.
On the downside, immediate support is near the $0.480 level. The next major support is near the $0.4680 level or the 76.4% Fib retracement level of the upward move from the $0.4473 swing low to the $0.5376 high.
A clear move below the $0.468 level might send the price toward the $0.4350 level. Any more losses might send the price toward the $0.4120 support.
The chart indicates that ADA price is now trading below $0.520 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $0.510 and $0.520 resistance levels.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now below the 50 level.
Key Support Levels – $0.480 and $0.468.
Key Resistance Levels – $0.510 and $0.520.
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