Cardano (ADA) Price Analysis: Bulls Aim Upside Break To $0.5

• ADA price seems to be forming a support base above the $0.435 level against the US Dollar.
• The price is now trading above $0.45 and the 55 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $0.468 on the 4-hours chart (data feed via Bitfinex).
• The price could gain bullish momentum if it clears the $0.468 and $0.480 levels.

Cardano price is showing positive signs above $0.450 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears the $0.468 resistance.

Cardano Price Analysis

This past week, cardano price saw a minor bearish reaction below the $0.48 level against the US Dollar. The ADA/USD pair declined below the $0.45 level, but the bulls were active near the $0.435 support zone.

The price traded as low as $0.4366 and is currently correcting losses. There was a minor increase above the $0.445 resistance level and the 55 simple moving average (4-hours). The bulls even pushed the price towards the 50% Fib retracement level of the recent decline from the $0.4833 swing high to $.4366 low.

It is now trading above $0.45 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.465 zone.

Besides, there is a major bearish trend line forming with resistance near $0.468 on the 4-hours chart. The trend line is near the 61.8% Fib retracement level of the recent decline from the $0.4833 swing high to $.4366 low. A clear move above the trend line resistance might start a strong increase.

The next major resistance is near the $0.483 level. A clear upside break above the $0.483 level might send the price towards the $0.500 resistance or even $0.520.

On the downside, an immediate support is near the $0.450 level. The next major support is near the $0.435 level. A clear move below the trend line and $0.435 might send the price towards the $0.420 level. Any more losses might send the price towards the $0.400 support.

The chart indicates that ADA price is now trading above $0.450 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.468 and $0.480 levels.

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 – $0.435 and $0.420.

Key Resistance Levels – $0.465 and $0.483.

Tags: ADA, Cardano