Cardano (ADA) Price Analysis: Bulls Face Hurdles Near $0.48

Republished By Plato

Followers: 0

ADA price started a recovery wave from the $0.435 support zone against the US Dollar.
The price is now trading near $0.465 and the 55 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $0.45 on the 4-hours chart (data feed via Bitfinex).
The price could start a recovery wave if it clears the $0.480 and $0.510 resistance levels.

Cardano price is struggling below $0.50 against the US Dollar, similar to bitcoin. ADA price could gain bullish momentum if it clears $0.48 and $0.51.

Cardano Price Analysis

This past week, cardano price saw a bearish wave from the $0.525 resistance zone against the US Dollar. The ADA/USD pair gained pace below the $0.50 level to move into a bearish zone.

The price settled below $0.48 and the 55 simple moving average (4-hours). The price even traded below the $0.45 support zone and traded as low as $0.435. Recently, the price started an upside correction above the $0.450 level. There was a move above the $0.460 and $0.462 resistance levels.

The price climbed above the 23.6% Fib retracement level of the downward move from the $0.525 swing high to $0.435 low. Besides, there was a break above a major bearish trend line with resistance near $0.45 on the 4-hours chart.

It is now trading near $0.465 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.475 zone. It is near the 50% Fib retracement level of the downward move from the $0.525 swing high to $0.435 low.

The next major resistance is near the $0.510 level. The main hurdle is near $0.525. A clear upside break above the $0.525 level might send the price towards the $0.60 resistance. Any more gains could start a steady increase towards the $0.65 level in the near term.

On the downside, an immediate support is near the $0.450 level. The next major support is near the $0.435 level, below which the price may perhaps decline towards the $0.40 support level.

Cardano Price

The chart indicates that ADA price is now trading near $0.465 and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if it clears the $0.480 and $0.510 resistance levels.