Key Highlights



  • ADA price climbed higher recently and broke the $0.0350 and $0.0380 resistances against the US Dollar.

  • There was a break above a major bearish trend line with resistance at $0.0380 on the 4-hour chart (data feed via Kraken).

  • The price moved into a bullish zone and it could extend gains above $0.0450 and $0.050.


Cardano price rallied recently against the US Dollar and Bitcoin. ADA may continue to move higher towards the $0.0450 and $0.0500 resistance levels. 


Cardano Price Analysis


After trading as low as $0.0255, cardano price found a strong support against the US Dollar. The ADA/USD pair formed a support base above $0.0260 and later started a solid upward move. It broke the $0.0300 resistance and the 55 simple moving average (4-hours). More importantly, there was a break above the 50% Fibonacci retracement level of the last decline from the $0.0440 high to $0.0255 low.


Finally, there was a break above a major bearish trend line with resistance at $0.0380 on the 4-hour chart. The price even climbed above the $0.0400 and $0.0410 resistance levels. However, the price failed near $0.0420 and there no test of the $0.0440 swing high. ADA is currently consolidating gains above the broken trend line and $0.0380. On the upside, a break above the $0.0420 and $0.0440 may push the price towards $0.0483. It represents the 1.236 Fib extension level of the last decline from the $0.0440 high to $0.0255 low. Therefore, a break above the $0.0420 resistance could clear the path for more gains towards $0.0450 or even $0.0500.


Cardano Price Analysis ADA Chart


The chart indicates that ADA price remains in an uptrend above $0.0380. If there is a downside correction below $0.0380, the price may perhaps test the $0.0350 support. Buyers must protect $0.0350 to avoid a reversal towards the $0.0320 level.


4-hours MACD – The MACD for ADA/USD is placed in the bullish zone.


4-hours RSI – The RSI for ADA/USD is well above the 60 level.


Key Support Level – $0.0350


Key Resistance Level – $0.0420


The post Cardano (ADA) Price Primed For More Upsides Above $0.0450 appeared first on Live Bitcoin News.




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