Cardano (ADA) Price Analysis: Bulls Eye Upside Break

Cardano price is showing positive signs above $0.530 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.58 resistance.

Cardano Price Analysis

This week, cardano price started a decent increase above the $0.520 level against the US Dollar. The ADA/USD pair was able to clear the $0.532 and $0.545 resistance levels.

The pair even climbed above the $0.555 resistance to move into a positive zone. There was a clear move above the $0.580 resistance zone before the bears appeared. A high was formed near $0.594 and recently there was a downside correction.

The price declined below the $0.575 and $0.570 levels. There was a move below the 50% Fib retracement level of the upward move from the $0.520 swing low to $0.594 high.

It is now trading above $0.54 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.536 on the 4-hours chart. On the downside, an immediate support is near the $0.548 level.

The next major support is near the $0.535 level and the trend line. It is near the 76.4% Fib retracement level of the upward move from the $0.520 swing low to $0.594 high.

The main support is now near the $0.530 level. A clear move below the trend line and $0.530 might send the price towards the $0.520 level. Any more losses might send the price towards the $0.500 support.

On the upside, an immediate resistance is near the $0.570 zone. The next major resistance is near the $0.580 level.  The main hurdle is near $0.600. A clear upside break above the $0.600 level might send the price towards the $0.620 resistance.

Cardano (ADA) Price

The chart indicates that ADA price is now trading above $0.53 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it stays above the $0.530 support zone.

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 – $0.535 and $0.530.

Key Resistance Levels – $0.580 and $0.600.

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