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Cardano (ADA) Price Analysis: More Gains Possible Above $0.058

Summary:
ADA price is trading in a positive zone above the %excerpt%.0500 pivot level against the US Dollar.The price is likely to continue higher towards the %excerpt%.0580 and %excerpt%.0600 resistance levels.There is a key contracting triangle forming with resistance near %excerpt%.0550 on the 4-hours chart (data feed via Kraken).The price remains well supported on dips above the %excerpt%.0500 and %excerpt%.0480 support levels.Cardano price is trading with a bullish angle against the US Dollar and bitcoin. ADA price could surge if it clears the main %excerpt%.0580 resistance zone in the near term.Cardano Price AnalysisThis past week, cardano price made another attempt to clear the %excerpt%.0580 resistance against the US Dollar. The ADA/USD pair failed to continue higher above %excerpt%.0580 and %excerpt%.0600.A high was formed near %excerpt%.0574 and the price recently

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  • ADA price is trading in a positive zone above the $0.0500 pivot level against the US Dollar.
  • The price is likely to continue higher towards the $0.0580 and $0.0600 resistance levels.
  • There is a key contracting triangle forming with resistance near $0.0550 on the 4-hours chart (data feed via Kraken).
  • The price remains well supported on dips above the $0.0500 and $0.0480 support levels.

Cardano price is trading with a bullish angle against the US Dollar and bitcoin. ADA price could surge if it clears the main $0.0580 resistance zone in the near term.

Cardano Price Analysis

This past week, cardano price made another attempt to clear the $0.0580 resistance against the US Dollar. The ADA/USD pair failed to continue higher above $0.0580 and $0.0600.

A high was formed near $0.0574 and the price recently corrected lower. There was a break below the $0.0550 pivot level and the 55 simple moving average (4-hours). The price even broke the 23.6% Fibonacci retracement level of the upward move from the $0.0427 low to $0.0574 high.

However, the decline was protected by the $0.0500 support zone. It seems like the 50% Fibonacci retracement level of the upward move from the $0.0427 low to $0.0574 high acted as a strong support.

The price is currently rising and trading above the $0.0520 level. There is also a key contracting triangle forming with resistance near $0.0550 on the 4-hours chart.

It seems like cardano price is likely to break the triangle resistance and $0.0560. The first major resistance is near the $0.0575 and $0.0580 levels. The main hurdle is still near the $0.0600 level, above which the price is likely to accelerate higher in the near term.

The next major resistances are near $0.0620 and $0.0650. Conversely, the price could correct lower below the $0.0520 level. The first major support is near the $0.0500 level. If the price fails to stay above the $0.0500 support, there is a risk of a larger decline towards the $0.0450 and $0.0440 levels.

Cardano Price

Cardano Price

The chart indicates that ADA price is trading in a positive zone above the $0.0520 and $0.0500 levels. Having said that, the price must break the $0.0580 and $0.0600 resistance levels to accelerate higher. If not, there is a risk of a bearish reaction towards the $0.0500 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently gaining momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now well above the 50 level.

Key Support Levels – $0.0520 and $0.0500.

Key Resistance Levels – $0.0580 and $0.0600.

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