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Cardano (ADA) Price Analysis: Can This Key Support Holds Losses?

Summary:
ADA price started a downside correction from the %excerpt%.556 zone against the US Dollar. The price is now trading below %excerpt%.52 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near %excerpt%.4750 on the 4-hours chart (data feed via Bitfinex). The price could start a fresh increase if it stays above the %excerpt%.475 support zone. Cardano price is correcting lower below %excerpt%.520 against the US Dollar, similar to bitcoin. ADA price must stay above the %excerpt%.475 zone to avoid more downsides. Cardano Price Analysis This past week, cardano price started a decent increase above the %excerpt%.500 level against the US Dollar. The ADA/USD pair was able to clear the %excerpt%.520 and %excerpt%.525 resistance levels. The pair even climbed above the %excerpt%.540 resistance and

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  • ADA price started a downside correction from the $0.556 zone against the US Dollar.
  • The price is now trading below $0.52 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.4750 on the 4-hours chart (data feed via Bitfinex).
  • The price could start a fresh increase if it stays above the $0.475 support zone.

Cardano price is correcting lower below $0.520 against the US Dollar, similar to bitcoin. ADA price must stay above the $0.475 zone to avoid more downsides.

Cardano Price Analysis

This past week, cardano price started a decent increase above the $0.500 level against the US Dollar. The ADA/USD pair was able to clear the $0.520 and $0.525 resistance levels.

The pair even climbed above the $0.540 resistance and spiked above the $0.550 level. A high is formed near $0.556 and the price is now correcting gains. There was a move below the $0.520 level. The price declined below the 50% Fib retracement level of the upward move from the $0.4511 swing low to $0.556 high.

It is now trading below $0.52 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $0.490 level. It is near the 61.8% Fib retracement level of the upward move from the $0.4511 swing low to $0.556 high.

The next major support is near the $0.475 level. Besides, there is a key bullish trend line forming with support near $0.4750 on the 4-hours chart. Any more losses might send the price towards the $0.42 support.

On the upside, an immediate resistance is near the $0.520 zone. The next major resistance is near the $0.540 level.  The main hurdle is near $0.550. A clear upside break above the $0.550 level might send the price towards the $0.565 resistance.  Any more gains could start a steady increase towards the $0.600 level in the near term.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $0.52 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it stays above the $0.475 support zone.

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 – $0.475 and $0.450.

Key Resistance Levels – $0.520 and $0.550.

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